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Crypto Potato 2025-02-02 18:37:46

Ripple (XRP) Plummets to 3-Week Low Despite Strong Endorsement From SBI CEO

TL:DR; The overall market crash that started late last night only worsened in the past few hours, and Ripple’s native token is among the poorest performers, with a massive 15% daily drop. This comes despite a highly positive endorsement from SBI’s CEO, who predicted that XRP’s price could shoot up in the next few weeks. XRPUSD. Source: TradingView It’s worth noting that XRP’s price drop is far from a corner case. The entire crypto market turned red in the past 24 hours, perhaps driven by the geopolitical uncertainty following President Trump’s tariffs against China, Canada, and Mexico. Bitcoin, for instance, plunged below $100,000 earlier today and kept nosediving to a three-week low of its own at $97,000. Many other altcoins have posted double-digit price declines. XRP stood at $3.07 yesterday, as reported , but slumped beneath the $3 mark earlier today and kept dropping to $2.53 (on Bitstamp). This intraday low became the asset’s lowest valuation since January 14. What’s particularly compelling in XRP’s case is the fact that this crash came just hours after Crypto Twitter (X) started sharing a video of SBI’s CEO, Yoshitaka Kitao, who noted that he anticipates the case between Ripple and the SEC to be resolved in a few weeks. Moreover, he said he expects XRP’s price to “soar significantly” if the court determines that the asset is not a security – which has been the main dispute between the company behind the token and the SEC for over four years now. The crypto market is typically quite susceptible to such big endorsements from prominent figures, but today’s politically driven crash seems to be an exception. This only proves a recent report that the crypto industry reacts more violently to FUD than actual positive news. The post Ripple (XRP) Plummets to 3-Week Low Despite Strong Endorsement From SBI CEO appeared first on CryptoPotato .