The post Why is XRP Price Down? appeared on BitcoinEthereumNews.com.

XRP, one of the leading cryptocurrencies, recently faced a significant drop in its price, pulling back over 20% from its three-year high. This unexpected decline has sparked concerns among investors and the crypto community, leading to a larger market correction. In this XRP Price Prediction article, we’ll break down what’s behind this sharp pullback, the factors influencing XRP’s price, and what it could mean for the future of the token. Let’s dive into the details! How has the XRP Price Moved Recently? XRP/USD daily chart- TradingView  The current price of XRP is $1.084599, with a 24-hour trading volume of $8.98 billion. Its market cap stands at $61.75 billion, giving it a market dominance of 1.98%. Over the past 24 hours, XRP’s price has dipped by 1.66%. XRP hit its all-time high of $3.92 on January 4, 2018, while its lowest recorded price was $0.002802 on July 7, 2014. Since its peak, XRP’s lowest price was $0.113268, and its highest recovery since then reached $1.97793. Currently, market sentiment around XRP is bullish, with the Fear & Greed Index reflecting a score of 83, indicating extreme greed. The circulating supply of XRP is 56.93 billion tokens, out of a maximum supply of 100 billion. XRP’s yearly supply inflation rate is 5.98%, which means 3.21 billion new tokens were created over the past year. Why is XRP Price Down? XRP’s price decline can be partially attributed to large-scale withdrawals from major exchanges like Upbit and Binance. Over the past week, nearly 250 million XRP tokens were withdrawn from Upbit, bringing its reserves to a four-month low of 6.3 billion XRP. Binance experienced a similar trend, with XRP reserves decreasing steadily after peaking on November 12.  These withdrawals, often seen as a sign of rising buying pressure, might typically suggest a bullish trend. However,…

---

Filed under: News - @ November 20, 2024 8:13 am