Why XRP Price Dropped 10%: Profit-Taking and Korean Influence Explained

Since December 8, XRP has seen a significant drop, losing over 10.63%. The worst hit came on December 9, when it fell by more than 15%. The market is still reeling from this sharp decline, and many are asking, “What triggered this sudden fall?” Some experts believe Korean exchanges might be playing a big role in the price correction.

If you’re wondering what’s behind the numbers and what could happen next, keep reading to dive into the details.

XRP’s Price Drop: A Closer Look

At the start of December, XRP was priced around $2.29. By December 2, it reached a high of $2.72. However, since then, the momentum has slowed significantly. From December 3 to 5, the price fell from $2.72 to $2.24. On December 6 and 7, buyers tried to push the price back up, but their efforts failed. On December 9, XRP saw its biggest drop, falling 15.01% to a low of $2.21. The market hasn’t yet fully recovered from this sharp decline.

In the last seven days, Bitcoin (+1.5%), Ethereum (-0.2%), and Solana (-8.3%) have outperformed XRP’s -9.4%.

A Strong Bull Run, Now Facing a Setback

XRP was one of the best-performing altcoins during the recent crypto bull run, surging over 366.3% since November 5. However, this recent sell-off has raised concerns. Many believe profit-taking is behind the price drop, and data supports this.

Notably, Korean exchanges seem to have played a big role in driving the decline.

Amid the current market volatility, many are wondering where XRP is headed next. Read XRP Price Prediction to uncover expert insights and forecast the next big move!

How Korean Exchanges Impacted XRP’s Price

Reports show that the sell-off started on Korean exchanges at 7:45 p.m. UTC on December 9. On that day, XRP opened at $2.60 but dropped to $2.21 by the end of the day. The KOSPI index also hit a monthly low of 2,360.24 KRW.

Data suggests that XRP/KRW experienced a sharper decline than XRP/USD or XRP/USDT, highlighting the impact of Korean exchanges on the market. 

The trend of heavy selling on Korean platforms, especially on December 9, appears to have significantly affected XRP’s price.

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Korea’s Political Turmoil

On top of market concerns, South Korea’s political climate has been unstable. In early December, President Yoon Suk Yeol declared martial law, citing threats from North Korean sympathizers. However, lawmakers quickly rejected the order, forcing him to withdraw it.

This political uncertainty has added to the volatility in the KOSPI index, which dropped from 2,455.24 KRW on December 2 to 2,361.23 KRW on December 9. Although the market has rebounded by 2.41% in the last two days, it has not yet recovered from previous losses.

FAQs

With the market still in turmoil, many are left wondering where XRP will go from here. Stay tuned for the latest updates and predictions on XRP’s future.