Why XRP Is Going Down Today: Market Analysis and Price Prediction
Why XRP Is Going Down Today? Will $XRP Hit $10 in the Near Future? The cryptocurrency XRP experienced a notable intraday drop of 5.68%, trading at $3.10 with a market cap of $178.68 billion and a 24-hour trading volume of $13 billion. Despite this decline, XRP recorded an impressive 31.31% surge over the past week, reflecting increased investor interest in the token.Source: CoinMarketCapWhy XRP is Going Down: Regulatory Shifts and Trump’s InfluenceXRP’s recent performance has been influenced by heightened regulatory uncertainty, especially with the upcoming resignation of Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC). Gensler, who steps down on January 20 following Donald Trump’s election victory, leaves behind a mixed legacy. His tenure included resolving 2,700 cases and returning $2.7 billion to the public. However, his departure has sparked speculation about potential policy shifts under Trump’s pick, Paul Atkins, as the next SEC chair.Adding to the intrigue is Trump’s recent promotion of the “Trump Meme Coin” via social media platforms like X (formerly Twitter) and Truth Social. This move has diverted attention within the crypto market, contributing to XRP’s bearish divergence. Why is XRP price down today? Analysts suggest this diversion has caused short-term investor hesitation, further impacting the Ripple price.XRP Price Prediction And Market AnalysisTechnically, XRP remains in a bullish trajectory despite the pullback. The current downturn aligns with a retest of the bull flag’s upper trendline at $2.28. This consolidation phase is common post-breakout and could validate the breakout as new support. If successful, the XRP price prediction remains optimistic, targeting $4.42 in the near term, a potential 40% upside from current levels.While XRP news: SEC transitions and Trump’s actions have created temporary setbacks, the overall market sentiment remains bullish. As the market stabilizes, investors may see XRP regain momentum. For now, maintaining support above $2.32-$2.33 is critical to prevent further downside.Long-term forecasts suggest even higher targets, with $4.20, $5, and $6.61 as key milestones. However, why XRP is sinking today can also be attributed to broader market dynamics, including investor caution and uncertainty surrounding the approval of spot XRP ETFs in the U.S. Also read: Trump Farm Daily Combo 20 January 2025: Boost Your Earning