In the wake of a severe downturn in the cryptocurrency market, where the overall market capitalization plummeted by nearly 9% in just one day, digital assets have come under intense scrutiny. XRP, one of the prominent cryptocurrencies, has not been spared from criticism, particularly from Messari founder Ryan Selkis, who voiced his opinion following a significant price drop. XRP experienced a notable 10% decline, marking its largest single-day loss since December 9.
Ryan Selkis Criticizes XRP Once More
Renowned for his outspoken views, Ryan Selkis, the founder of Messari, did not hesitate to share his thoughts on XRP’s current status. Utilizing humor, he suggested that the recent drop in XRP’s value might present a buying opportunity, given that its market capitalization had fallen below that of major companies like Coinbase, MicroStrategy, and Softbank combined. Selkis’s comments came in the wake of his previous criticisms where he disparaged the XRP community, intensifying his ongoing critique of the digital asset.
This latest round of criticism appears to be fueled by the backlash Selkis received after his earlier comments targeting Ripple’s Chief Legal Officer, Stuart Alderoty, and the broader XRP community.
Impact of Federal Reserve Announcement
Like many cryptocurrencies, XRP has not been exempt from recent market losses. The digital asset witnessed a 21% decrease over the past two days, dropping from a high of $2.59 to a low of $2.05. This significant decline coincided with an announcement from the Federal Reserve, which revealed a decision to scale back its anticipated rate cuts for 2025. This announcement played a crucial role in dampening the optimism that had previously buoyed risk markets, including the cryptocurrency sector.
Analyzing XRP’s Price Movement
Currently, XRP is trading at approximately $2.16, reflecting a 10% decline in the past 24 hours. Despite this downturn, the price appears to have established a solid support level just below the current trading value, offering some optimism to investors and traders.
Amidst the downward trend, some analysts maintain a positive outlook on XRP’s potential for recovery. One such analyst, known as DarkDefender, highlighted a distinct breakout pattern on the daily chart. He predicts that XRP may initially test the $2.42 mark and, if the momentum sustains, could even surpass $2.92.
In conclusion, while XRP and the broader cryptocurrency market are currently experiencing significant volatility, insights from experts and market analysts suggest potential pathways for recovery and growth. Investors and market participants will be keenly watching for any signs of stabilization as they navigate these uncertain times.
