The cryptocurrency market is undergoing a significant decline, with Ripple (XRP) token among the hardest hit.
Overall Crypto Market Decline
In the past 24 hours, the entire cryptocurrency market turned red. The main reason could be the geopolitical uncertainty following U.S. President's tariffs on China, Canada, and Mexico.
XRP Price Drop
XRP's price fell to $2.53 on Bitstamp, marking its lowest level since January 14. This drop occurred after discussions circulated concerning a statement by SBI CEO Yoshitaka Kitao, who predicted XRP's price could soar if the lawsuit with the SEC concludes favorably.
Geopolitical Situation's Impact
The crypto world typically responds to statements from significant figures, yet today's politically driven crash reinforces that the community is more prone to panic than to positive news.
Despite optimism from some analysts, the current geopolitical instability continues to affect market sentiment, affirming cryptocurrencies' susceptibility to sudden drops rather than rallies.
