The Ripple price (XRP) is crashing, what’s going on?

Written by Thomas van Welsenes op 09 december 2024. Posted in Ripple (XRP) news.

The Ripple price (XRP) has fallen significantly in the past 24 hours. The popular altcoin is trading 6.8% lower at the time of writing compared to 24 hours ago with a current level of $2.40. The correction coincides with an overall decline in the crypto market that seems to be affecting altcoins in particular. What exactly is going on and can the Ripple price fall further?

Ripple price falls faster than market

Almost all altcoins are significantly in the red, but XRP is one of the strongest decliners in recent days. Coins like Ethereum (ETH) and Solana (SOL) fell 4.4% and 5.6% in the past 24 hours, less than the -6.8% posted by XRP. It is not entirely unexpected that the Ripple price is falling faster. The altcoin has achieved a historic rally in recent weeks. In one month, the XRP price climbed from $0.54 to a local peak of above $2.80. A return of no less than 418% in just 30 days. With such increases, it is more than logical that the Ripple price corrects somewhat more strongly than the other crypto prices.

Ripple koers (XRP) — Ripple rate (XRP) 15-minute chart

Major XRP Price Levels

Currently, the XRP price is struggling with the support level at $2.40. If this price limit is not maintained, the price could fall further to $2.30. The latter price is essential for Ripple. If the price of the altcoin falls below this, the price could crash considerably further, with the support level at $2 as a possible target. This amounts to a further decline of approximately 26% compared to the current price.

Unique interview with Ripple CEO Brad Garlinghouse

A special interview was broadcast last weekend. Ripple CEO Brad Garlinghouse participated in the well-known program 60 Minutes. The crypto sector in the United States was discussed in detail. For example, Garlinghouse asked for clear laws and regulations in the cryptocurrency market. He was referring to the FIT 21 bill, which was passed by the U.S. House of Representatives in May and seeks to create a new regulatory framework for digital assets.

The interview included statements from former SEC official John Reed Stark, a well-known critic of crypto. Stark called crypto a “plague” and purely speculative, with no balance sheet or financial reporting. According to him, cryptocurrencies are securities based on rulings by judges. However, the interview can have a positive impact on the Ripple price. The program attracts many viewers, who come into contact with the crypto market. This could potentially lead to new users and investors for XRP.

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