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<p>The post <a href="https://coinpedia.org/news/top-reasons-why-xrp-price-is-dropping/">Top Reasons Why XRP Price is Dropping?&nbsp;</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>XRP is facing some big problems as its price has dropped below important levels like $0.60, $0.59, $0.57, and $0.55 since the year started. Even though it looked good on New Year’s Day, XRP hasn’t been doing well this month, losing 16% in just 24 days. This is the worst it has been since August 2023 when it dropped by a lot—26.75%.</p> 
<h2 class="wp-block-heading" id="h-major-sell-off-leads-to-price-drop">Major Sell-off Leads to Price Drop</h2> 
<p>The reason XRP is going down is because the whole crypto market, especially Bitcoin, had a big drop. In the past week, all cryptocurrencies together lost $130 billion, and XRP lost 11% of its value.</p> 
<p>Bitcoin’s price went up to $48,969, lifting other coins like XRP to $0.6240. But then, Bitcoin prices fell because big Bitcoin owners and long-term holders sold a lot.</p> 
<p>The Grayscale Bitcoin Trust (GBTC), which charges a high fee, also added to the selling. Big investors <a href="https://coinpedia.org/news/grayscales-100000-bitcoin-sell-off-end-is-this-a-sign-of-bitcoin-bouncing-back/">sold their GBTC shares</a> to switch to other things, making Bitcoin prices go down by 8.05% in the last week. Since XRP and other cryptocurrencies usually follow what Bitcoin does, they also went down.</p> 
<h2 class="wp-block-heading" id="h-spot-xrp-etf-approval">Spot XRP ETF Approval</h2> 
<p>Against the backdrop of approved spot Bitcoin ETFs and ongoing talks about crypto exchange-traded funds (ETFs), speculation is mounting regarding the potential for a <a href="https://coinpedia.org/press-release/emerging-memecoin-generates-buzz-on-telegram/">spot XRP ETF</a>. Advocates for this product often emphasize XRP’s clear legal standing.</p> 
<p>Last November, a fake BlackRock iShares XRP ETF appeared on the official Delaware ICIS platform, underscoring the market’s desire for an XRP ETF. Despite the persistent calls for such a product, no asset manager has taken the initiative to file for it.</p> 
<h2 class="wp-block-heading" id="h-whale-began-dumping-xrp">Whale Began Dumping XRP</h2> 
<p>Whales, or large cryptocurrency holders, heavily impact the price movements of digital assets. The <a href="https://coinpedia.org/news/xrp-price-hit-3-month-low-as-whale-sell-off-surge-what-next-for-xrp-price/">recent drop in Bitcoin</a> and XRP prices is linked to whales selling off their holdings. For instance, a significant movement saw 29.1 million XRP transferred to Bitstamp on Monday, initiated by Ripple.&nbsp;</p> 
<p>Data from Santiment supports the trend, showing a rise in addresses holding 10-100 million XRP while those with 100 million to 10 billion XRP have notably decreased this month. This widespread selling by major holders is shaping the current cryptocurrency market dynamics.</p> 
<h2 class="wp-block-heading" id="h-xrp-market-sentiment">XRP Market Sentiment</h2> 
<p>The decline in <a href="https://coinpedia.org/news/xrp-price-to-breakout-soon-here-are-the-3-prominent-factors-leading-to-surge/">XRP is attributed</a> to both market sentiment and development activity on the XRP Ledger (XRPL), with these factors being closely linked. Higher development activity and more developers tend to influence a bullish market sentiment.</p> 
<p>Presently, XRP has 45 full-time developers, ranking 49th among mainstream blockchains.&nbsp;</p>

Top Reasons Why XRP Price is Dropping?

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