- XRP dropped 10.01% to $2.8191, marking its largest single-day loss since December 2024, with its market cap falling to $164.94 billion amid a week-long decline of 10.15%.
- The broader cryptocurrency market also saw corrections, as Bitcoin and Ethereum recorded losses of 5.77% and 7.74%, respectively.
A Sudden Selloff Rocks XRP
XRP experienced a significant downturn, plunging 10.01% on Monday, marking its largest single-day percentage loss since December 2024. Trading at $2.8191 at 07:15 GMT, this unexpected selloff slashed its market cap to $164.94 billion, accounting for 4.89% of the total cryptocurrency market. This drop underscores the ongoing volatility in the crypto space and has left many investors questioning what’s next for the popular digital asset.
XRP’s Weekly Struggles
Over the past seven days, XRP has faced a consistent decline, losing 10.15% in value. Despite trading within a narrow 24-hour range of $2.8191 to $3.0183, its weekly range revealed more drastic fluctuations, spanning $2.8188 to $3.2815. The asset remains 16.97% below its all-time high of $3.40, achieved in January 2018, reflecting the persistent challenges in reclaiming its former glory.
Comparative Performance in the Crypto Market
The selloff wasn’t limited to XRP alone. Bitcoin, the market leader, fell 5.77% on the day to $98,929.8, maintaining a market cap of $1.96 trillion and representing 58.08% of the total crypto market. Ethereum also took a hit, losing 7.74% to trade at $3,083.72, with a market cap of $371.62 billion. These declines emphasize a broader market correction impacting major cryptocurrencies.
Why Is XRP Struggling?
Several factors could explain XRP’s performance:
- Market Sentiment: Negative sentiment around the broader cryptocurrency market often amplifies selloffs, especially for altcoins like XRP.
- Regulatory Concerns: Ongoing legal challenges or concerns about increased regulation may deter institutional investors.
- Profit-Taking: With valuations soaring earlier in 2024, some traders might be cashing out amid fears of a wider correction.
What’s Next for Investors?
For those invested in XRP or considering it, this decline could be an opportunity or a warning. Short-term traders may see potential in capitalizing on volatility, while long-term holders need to assess whether XRP’s fundamentals remain strong amid market-wide shifts.
The cryptocurrency market remains unpredictable, but savvy investors can navigate these waters by staying informed and maintaining diversified portfolios. As seen with platforms like ProPicks AI, leveraging data-driven insights can help identify high-potential opportunities beyond crypto and into traditional stocks.
The Bottom Line
XRP’s 10% drop is a stark reminder of the risks and rewards inherent in cryptocurrency trading. Whether this marks a temporary correction or a deeper downturn depends on upcoming market developments and investor sentiment.
