XRP price became a focal point after significant fluctuations in a short period. The rise and subsequent drop are attributed to large market orders.
Rapid Movement of XRP Price
XRP price surpassed the $1 mark, reaching a peak of $1.26, before suddenly dropping 10% due to a large sell order on the spot market. As of writing, XRP is trading at $1.07.
Factors Influencing the Crypto Market
The recent election of Donald Trump as President of the United States and an alleged meeting with Ripple CEO Brad Garlinghouse might have influenced the price surge. Garlinghouse, appearing on Fox Business, did not comment on the meeting with Trump.
Similar Price Changes in ADA
A similar surge was observed in ADA, the cryptocurrency founded by Charles Hoskinson, who is rumored to serve as a cryptocurrency advisor in the new US administration.
Cryptocurrency market events, including public statements and political changes, continue to impact price volatility and dynamics, presenting traders with new opportunities and challenges.
