Crypto Market Crash: XRP Price Experiences Its Most Significant Decline Since December
In a recent market bloodbath that caused a massive collapse in the cryptocurrency market cap, which dropped by nearly 9% in a single day, crypto critics did not miss the opportunity to criticize digital assets. Meanwhile, Messari founder Ryan Selkis harshly criticized XRP as the token’s price plummeted by 10%, marking its largest single-day loss since December 9.
**Ryan Selkis Slams XRP Again**
Messari founder Ryan Selkis did not hold back, taking to X to make light of the current state of XRP. He humorously suggested that now might be the right time to buy, as the asset’s value had fallen below the combined worth of major companies like Coinbase, MicroStrategy, and Softbank.
> _”Now that XRP has fallen below the value of Coinbase, MicroStrategy, and SoftBank (combined), it’s looking like a good buy again.”— Ryan Selkis (d/acc) (@twobitidiot) December 19, 2024_
His comment followed a previous criticism in which he dismissed the XRP community as “worthless bot groups,” intensifying his ongoing attacks on the asset.
The recent criticism appears to be a response to the backlash Selkis received after attacking Ripple’s Chief Legal Officer, Stuart Alderoty, and the XRP community on the same day.
**Fed Announcement Led to Correction**
XRP, like many cryptocurrencies, has not been immune to the broader market losses. Over the past two days, it saw a drop of 21%, falling from highs of $2.59 to lows of $2.05.
This decline coincided with the Federal Reserve’s announcement that it would scale back its expected rate cuts for 2025, which had contributed to the previous optimism in risk markets, including cryptocurrencies.
**XRP Price Analysis**
As of now, XRP is trading around $2.16, reflecting a 10% drop in the last 24 hours. Despite this decline, the price appears to have found strong support just below its current level, offering some hope to traders.
Amid the drop, some analysts remain optimistic about XRP’s potential recovery. One of them, DarkDefender, noted a clear breakout on the daily chart. He predicts that XRP may first test $2.42 and, if momentum continues, push past $2.92.