XRP Price Update

The price of XRP, the Ripple-affiliated cryptocurrency token, reached an intraday low of $1.99 on the Binance exchange earlier today.

This marks the first time that the token has plunged below the $2 mark since Dec. 20.

According to CoinGecko data, XRP is currently the worst-performing cryptocurrency in the top 10, plunging by more than 6%.

In comparison, Bitcoin (BTC) and Ethereum (ETH) are down 2.2% and 0.7%, respectively.

CoinGlass data indicates that nearly $10 million worth of XRP has been liquidated over the past 24 hours.

The Ripple-linked token gained attention in November with a rally of 282%. In early December, it reached a multi-year high of $2.9. This surge was primarily driven by expectations of a more favorable regulatory environment in the U.S.

Despite speculation that the SEC might drop the Ripple case after filing its appeal in early October, a recent report from the New York Post suggests otherwise. Former SEC Commissioner Paul Atkins, nominated to replace Gensler, is not expected to provide significant leniency toward the cryptocurrency sector.

Moreover, the official launch of Ripple’s much-anticipated Ripple USD (RLUSD) stablecoin failed to ignite the XRP rally earlier this month, with the fourth-largest cryptocurrency experiencing only a brief price increase.

Lastly, Bitcoin is also contributing to the broader downturn in the crypto market, currently down nearly 15% from its record peak of over $108,000 achieved earlier this month.