The cryptocurrency market was painted red at the time of writing. Several assets recorded a major downfall over the past day, including Ripple’s XRP. While the market is betting on the altcoin pushing past $3, the latest drop came as a massive hurdle. The real question is whether the asset will continue this trend or revamp itself by Christmas.
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Looking Into XRP’s Latest Plummet
The asset dropped by more than 12% over the past 24 hours. XRP went from trading at a high of $2.46 to a low of $2.06. At press time, the fourth largest cryptocurrency was priced at $2.21, with a daily price change of a negative 7.38%. However, it is worth noting that the asset recorded a 281% spike within one month.
According to statistics from CoinGlass, a notable $1.76 billion worth of cryptocurrency was liquidated on the last day. The majority of the total, about $1.58 billion, is made up of long holdings. Amidst this, XRP’s total liquidations was $67.31 million.
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Christmas Prediction
XRP’s latest drop in its price has pushed it further away from its all-time high of $3.84. According to data from CoinMarketCap, the asset is currently trading 42% below its all-time high of $3.84. Earlier this month, the altcoin surged as high as $2.86, which is quite close to its peak. However, XRP could find it challenging to leap towards $3 with the latest setback.
As the community sits still with high hopes for Christmas, XRP has other plans. CoinCodex revealed that Ripple’s cryptocurrency will most likely drop below $2.
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The firm confirmed that the altcoin will trade at a low of $1.76 on December 25, 2024. The XRP community will indeed be celebrating a bearish Christmas this year.
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