XRP, the cryptocurrency token, has experienced a steep crash after a significant rally. The token has dropped by 7.56% in the last 24 hours and 16% from its recent highs. The sudden downward shift was expected due to the token being overbought. Two major events, including a political crisis in South Korea and the rumor of Ripple's stablecoin launch, have impacted XRP. Ripple's statement that the stablecoin has not yet received approval has further affected the XRP rally. However, external news, such as the resignation of the SEC Chair and the nomination of a cryptocurrency lobbyist, could benefit XRP. Additionally, if Bitcoin experiences a deep correction or stagnation, funds may shift back to altcoins like XRP.



Other News from Today