The post XRP price continues to dip post RLUSD launch – Is the reception that bad? appeared on BitcoinEthereumNews.com.

XRP’s price has sharply retraced following the announcement of its RLUSD stablecoin launch. After going as high as $2.73, the coin plummeted by more than 18% merely 24 hours after Ripple’s stablecoin went live.  On December 17, the highly anticipated stablecoin RLUSD was unveiled, sparking a significant rally in XRP’s price. At the start of the week, XRP was trading around $2.35.  On Monday evening, after Ripple’s announcement of the RLUSD launch scheduled for the following day, XRP’s price skyrocketed to nearly $2.6. The cryptocurrency surged again, reaching a multi-week high of $2.73 on the launch day.   Despite the strong bullish trend, XRP struggled to sustain its gains. As the broader market corrected, XRP’s price began to pull back, falling to $2.41 at the time of this publication, while the market-wide drop intensified.  Fed rate cut causes market bloodbath  The market-wide correction was partly driven by the Federal Reserve’s decision to cut interest rates by 25 basis points. This move, though widely expected, set off a wave of panic selling across the crypto space. The recent rate cut triggered a sharp decline across all major cryptocurrencies, and XRP was no exception, dropping to a seven-day low of $2.19. XRP Price post-Fed cuts and RLUSD launch. Source: CoinMarketCap XRP had gained over 130% in the past month, only to lose substantial ground following the market’s downturn. According to analysts, the real cause for concern was not just the rate cut itself but the realization that inflation could persist longer than anticipated, and the Fed may not be ready to ease its tightening measures.  One market analyst said, “It wasn’t today’s 25 bps cut that made markets freak out, it was the realization that inflation might stick around longer.” The Fed isn’t unanimously in favor of these cuts. That one sentence sent…

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Filed under: News - @ December 19, 2024 12:29 pm