Crypto Market Crash: XRP Price Faces Its Largest Drop Since December

The post Crypto Market Crash: XRP Price Faces Its Largest Drop Since December appeared first on Coinpedia Fintech News

In a recent market bloodbath that has triggered a massive collapse in the crypto market cap plunging it by almost 9% in a day, crypto critics didn’t waste anything to criticize the digital asset. Meanwhile, Messari founder Ryan Selkis harshly criticized XRP as the token’s price plummeted by 10%, marking its largest single-day loss since December 9.

Ryan Selkis Slams XRP Again

Messari founder Ryan Selkis didn’t hold back, taking to X to joke about the current state of XRP. He humorously suggested that now might be the right time to buy, as the asset’s value had dipped below the combined worth of major companies like Coinbase, MicroStrategy, and Softbank. 

Now that XRP has fallen below the value of Coinbase, Microstrategy, and Softbank (combined), it's looking like a good buy again.

— Ryan Selkis (d/acc) (@twobitidiot) December 19, 2024

His remark followed a previous criticism where he dismissed the XRP community as “worthless bot groups,” intensifying his ongoing criticism of the asset.

The recent criticism seems to be a response to the backlash the former crypto executive received after attacking Ripple’s Chief Legal Officer, Stuart Alderoty, and the XRP community on the same day.

Fed Announcement Led Correction

XRP, like many cryptocurrencies, has not been immune to the market’s losses. Over the past two days, it saw a drop of 21%, moving from highs of $2.59 to lows of $2.05. 

This slide coincided with the Federal Reserve’s announcement that it would scale back its expected rate cuts for 2025, which had been a contributing factor to the previous optimism in risk markets, including crypto.

XRP Price Analysis

As of now, XRP is trading around $2.16, reflecting a drop of 10% in the last 24 hours. Despite this decline, the price seems to have found strong support just below its current level, giving some hope to traders.

Amid the drop, some analysts remain optimistic about XRP’s potential recovery. One of them, DarkDefender, noted a clear breakout on the daily chart. He predicts that XRP might first test $2.42 and, if momentum continues, push past $2.92.