According to XRP-News, XRP is experiencing a decline in trading on Tuesday. As of 10:15 a.m. ET, the cryptocurrency’s price had dropped by 4.2% over the past 24 hours. Similarly, Bitcoin and Ethereum also saw losses, with Bitcoin falling 1.7% and Ethereum decreasing by 3.2% during the same period.
XRP Faces Bearish Pressure Amid Political Controversy – XRP-News Reports
XRP is once again experiencing significant price movement due to political developments—this time in a bearish direction. According to XRP-News, the token is facing heavy sell-offs following a recent controversy involving Argentine President Javier Milei.
Milei Scandal Sparks Sell-Offs in the Crypto Market
Last Friday, President Milei shared a message seemingly endorsing a new cryptocurrency called Libra. He claimed that Libra could help promote economic growth by funding small businesses and start-ups.
Following Milei’s endorsement, Libra experienced a massive surge in buying activity, causing its market capitalization to skyrocket. However, shortly after, large token holders quickly sold off their positions, leading to a sharp price crash—an event commonly referred to as a “rug pull.”
The controversy surrounding Milei and Libra has contributed to a rise in bearish sentiment across the crypto market, impacting XRP and other major cryptocurrencies.
What’s Next for XRP?
XRP’s explosive growth in recent months has been largely driven by political catalysts. Despite recent pullbacks, XRP’s price remains up approximately 369% over the past six months.
Key expectations fueling XRP’s gains include:
- The potential dismissal of a long-standing SEC lawsuit against XRP’s creator under the new Trump-era SEC leadership.
- The possibility of XRP being included in ETFs that trade on major public exchanges.
- Reports suggesting that President Trump and his crypto advisory team are considering XRP for inclusion in a U.S. digital assets reserve.
While these bullish catalysts are still in play, the recent controversy surrounding Milei and the Libra token serves as a reminder of the risks involved when political figures attempt to influence the crypto market. XRP-News will continue monitoring developments as the situation unfolds.
