XRP's price has experienced a notable decline today, driven by a combination of market dynamics and investor sentiment. The recent drop below the critical $3 support level has been attributed to a broader market correction, as XRP had previously been on a bullish trajectory, gaining 28% over the past month. Analysts like Coinvo have described this movement as a "classic break-and-retest" pattern, suggesting that the current dip might present a buying opportunity for investors looking to capitalize on a potential rebound.
Adding to the pressure on XRP's price is the anticipation surrounding the upcoming press conference by U.S. crypto czar David Sacks, scheduled for February 4th. The event is expected to outline the Trump administration's digital asset regulatory plans, which could introduce new uncertainties into the market. The potential for increased regulation or changes in policy could be causing some investors to adopt a cautious stance, contributing to the downward pressure on XRP.
XRP's price has fallen by 5.23% today, currently trading at $2.559939. The cryptocurrency reached a high of $2.776161 and a low of $2.556613 during the day.