XRP Price Struggles as New Week Begins
XRP is facing some challenges as the week kicks off. The price is down 2.3% in the last 24 hours, currently trading at $2.19. While it has shown significant growth throughout 2024, starting at just 62 cents, it has dipped from its all-time high of $2.89 on December 3rd.
On top of XRP’s struggles, other cryptocurrencies are also experiencing drops in value. Bitcoin is down 1.3%, Ethereum fell by 1.5%, Solana dropped 0.5%, and Dogecoin is trading 0.7% lower.
These losses come as the Federal Reserve indicated that there may be fewer rate cuts next year due to inflation remaining above the 2% target. This shift could be concerning for crypto investors, as historically, crypto prices tend to rise when interest rates go down.
On a more positive note for the digital currency world, President Trump nominated another crypto advocate, Stephen Miran, to his team on Sunday. Miran, currently a Senior Strategist at Hudson Bay Capital Management, has a background in the Treasury Department and has shown support for deregulating cryptocurrencies. His nomination adds to Trump’s team of crypto-friendly appointments, which includes Paul Atkins for the Securities and Exchange Commission and David Sacks as the new artificial intelligence and crypto czar.
These developments highlight the dynamic nature of the cryptocurrency market, where fluctuations and regulatory changes can impact prices and investor sentiment. Stay tuned for more updates on XRP and other cryptocurrencies as the week progresses.
