Why is XRP Price Going Down Today?
The post Why is XRP Price Going Down Today? appeared first on Coinpedia Fintech News
XRP fell to $2.08, down 4% in 24 hours, even though the broader Ripple ecosystem is posting some of its strongest institutional numbers in years. The drop comes at a time when traders are dealing with a mix of market mechanics, macro pressure, and technical weakness, all pulling the price lower.
One of the reasons for the drop was the expiry of more than $5.94 million worth of XRP options on December 5. The max pain price for these contracts was $2.15, which is higher than XRP’s close at $2.08.
When the price finishes below max pain, many traders sell to cut losses, adding fast downward pressure. The broader market also dragged XRP down, as the total crypto market cap fell 1.17%, and Bitcoin dominance rose to 58.68%, showing that money is moving away from altcoins like XRP.
Why the Drop Feels Odd Even With Strong Fundamentals
The decline feels odd because XRP’s fundamentals have been very strong. The first U.S.-listed XRP ETF, Canary XRPC, launched with a huge $58 million in day-one trading volume, the biggest ETF debut of the year. Its assets under management quickly jumped to $248 million, showing strong interest from big investors.
Ripple’s new stablecoin, RLUSD, also crossed $1 billion in market cap, giving the XRP ecosystem more utility. XRP ETF holdings have now grown, bringing total institutional ETF exposure to $906.46 million.
XRP Price To Crash More?
Analyst Casi Trades said that XRP is heading toward an important support level at $2.04. It recently bounced a bit, showing some strength, but this level will decide if the price goes up or drops further. If XRP holds $2.04, buyers could push it higher. If it breaks, the price might fall to $1.64.
Source: CasiTrades
If the support at $2.04 holds, XRP could rise past $2.41 and maybe reach $2.65, starting a new upward trend. But if it fails, a deeper drop to $1.64 is likely before XRP can recover. The next move depends on this important level.
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