XRP Price Decline: Why Crypto’s 2024 Rally is Losing Steam

Hey there! If you’ve been keeping an eye on the cryptocurrency market, you might have noticed that XRP’s price is taking a bit of a tumble. In the last month alone, this digital token has dropped by about 26%, sitting just below $2.02. That’s a noticeable dip from its impressive gains following the U.S. election. And it’s not just XRP feeling the burn—Bitcoin is down by 3.7%, and Ethereum has slipped by 8.1% in the same timeframe.

XRP saw a massive surge after Donald Trump’s election victory, with traders hoping for lenient crypto regulations under his administration. The recent appointment of Paul Atkins, known for his support of digital assets, as the potential head of the Securities and Exchange Commission might ease tensions in Ripple Labs’ legal battle with the SEC. Back in 2020, the SEC charged Ripple for selling unregistered securities, resulting in a $125 million penalty in August, much lower than the initial $2 billion demand.

As we move towards 2025, it’s hard to pinpoint what might give XRP a boost. Many traders are cashing in on their profits after a period of rapid growth, despite optimistic predictions of a resurgence in the token’s value next year. Until the new administration kicks in, expect XRP to keep riding the wave of stagnation.

For now, it’s a waiting game. Let’s see where the markets take us next.