In a recent downturn that has seen the crypto market cap plummet by nearly 9% within a single day, critics of digital assets have seized the opportunity to voice their skepticism. One digital asset, in particular, XRP, experienced a significant price drop of 10%, marking its most considerable single-day loss since December 9. This decline has sparked a renewed wave of criticism from various quarters, including Messari founder Ryan Selkis.
Ryan Selkis Criticizes XRP Anew
Ryan Selkis, the founder of Messari, has once again turned his attention to XRP, using social media to express his views. With a touch of irony, Selkis suggested that the dip in XRP’s value—now reportedly below the combined market capitalization of major firms like Coinbase, MicroStrategy, and Softbank—might present a buying opportunity. His tweet humorously implied that the asset’s downturn made it an attractive investment once again.
This comment follows his past criticisms, where he described the XRP community in less than flattering terms, intensifying his long-standing critique of the digital currency. The latest remarks may also be seen as a reaction to the backlash he faced after targeting Ripple’s Chief Legal Officer, Stuart Alderoty, and the broader XRP community in his previous comments.
Impact of Fed Announcement
The recent slump in XRP’s value is not an isolated event but part of a broader market correction. Over the past two days, XRP has seen a substantial 21% decline, sliding from a peak of $2.59 to a low of $2.05. This downturn has coincided with the Federal Reserve’s announcement regarding its monetary policy, specifically its decision to scale back anticipated rate cuts for 2025. This move has dampened the optimism that had been building in risk markets, including cryptocurrencies, leading to a sell-off.
Current XRP Price Analysis
Currently, XRP is trading at approximately $2.16, reflecting a 10% decrease over the last 24 hours. Despite this decline, there seems to be significant support just below its present trading level, offering a glimmer of hope to investors.
Some analysts remain hopeful about XRP’s potential to rebound. One such analyst, DarkDefender, has observed a clear breakout pattern on the daily chart. He predicts that XRP could initially test the $2.42 level and, if the positive momentum persists, it might eventually surpass the $2.92 mark.
In conclusion, while the recent market turbulence has undoubtedly shaken confidence in cryptocurrencies like XRP, some investors and analysts continue to see potential opportunities amidst the volatility. The interplay of market forces, regulatory announcements, and investor sentiment will likely continue to influence the trajectory of XRP and other digital assets in the coming months.
