Why Is the XRP Price Down to an 11-Week Low Today?

The asset is down by over 9% on a 24-hour scale. The quick gains charted on Wednesday afternoon across all markets disappeared 24 hours later, and the cryptocurrency industry was not spared. Ripple’s cross-border token has taken one of the largest hits on a daily scale, dumping to its lowest price in well over two months. Why Down So Much, XRP? It was just 36 hours ago that XRP, alongside the rest of the market, was rocketing hard, jumping to $1.35. This came after popular analyst Ali Martinez predicted that a close above the $1.28 resistance could unlock the door for major price gains. However, the asset was rejected vigorously at that point, and the subsequent crash has been nothing short of a brutal ride. XRP lost the $1.30 support and then did the same to the $1.20 level. It just plummeted below $1.185 for the first time since the August 22 crash. The most evident reason for this calamity is the overall market-wide collapse. After all, BTC was rejected at $81,000 and plunged to $75,000, and most altcoins followed suit. However, XRP’s case is particularly painful, as the cross-border token is the poorest performer among the largest 30 altcoins, with its 9.5% decline on a 24-hour...