Ripple’s value has declined by over 9% since recently hitting a peak a few days ago.

Market Observations

The US Federal Reserve’s decision to lower key interest rates and a positive meeting between Trump and China typically would indicate a surge for risk assets during October, a historically favorable month for cryptocurrencies. Yet, this has not reflected in the performance of XRP.

As the past 24 hours added further turbulence, XRP is seen dropping significantly, particularly after positive news surrounding the company.

XRP Price Trend XRPUSD. Source: TradingView

Current Market Situation

The broader crypto market is experiencing corrections, aligning with Bitcoin’s recent drop to a new weekly low. As XRP has also seen a downturn, it now trades around $2.45.

Moreover, some technical indicators flashed a sell signal for XRP, which typically accompanies notable price shifts.

In recent weeks, large holders of XRP, or ‘whales’, have been selling. Although initially not affecting the price substantially, this could be a factor in the current downturn.

Conclusion

Today’s price drop has resulted in $20 million in liquidations for XRP traders, which is still far from the higher figures seen for Bitcoin and Ethereum.