In a recent turn of events, Ripple’s native token, XRP, has taken a sharp dive, hitting a three-week low, even amidst a strong prediction for its potential growth from the CEO of SBI. The crypto market has been in a state of turmoil, with Ripple’s XRP experiencing a significant 15% drop in a single day.
This downtrend has occurred despite the optimistic outlook shared by SBI’s CEO, who believes that XRP could witness a significant price surge in the coming weeks. However, the recent drop in XRP’s price is not an isolated incident. The entire cryptocurrency market has been painted red in the last 24 hours, likely fueled by the geopolitical uncertainty following the imposition of tariffs by President Trump against China, Canada, and Mexico.
Bitcoin, too, has taken a hit, falling below the $100,000 mark and continuing its descent to a three-week low of $97,000. Numerous altcoins have also experienced substantial price drops. As of yesterday, XRP was valued at $3.07, but it fell below the $3 threshold earlier today, bottoming out at $2.53 on Bitstamp. This is the lowest value for the asset since January 14th.
Adding intrigue to XRP’s situation is the timing of this crash, which occurred mere hours after SBI’s CEO, Yoshitaka Kitao, was featured in a widely-shared video on Crypto Twitter. In the video, Kitao shares his anticipation for a quick resolution to the ongoing case between Ripple and the SEC. Furthermore, he predicts a significant price jump for XRP if the court rules that the asset is not a security, the main point of contention in the four-year dispute between Ripple and the SEC.
Usually, the crypto market reacts positively to such strong endorsements from influential figures. However, today’s market crash, seemingly driven by political factors, appears to be the exception, further reinforcing a recent finding that the crypto industry responds more drastically to fear, uncertainty, and doubt (FUD) than to positive news.
