Why did XRP price drop after Garlinghouse’s 60 Minutes interview?
XRP price suffered a harsh reversal on Dec. 9, mirroring the performance of Bitcoin and other altcoins.
XRP price has performed strongly over the past few months, becoming one of the best-performing cryptocurrencies. It surged 382% from its lowest level in November, positioning it as the third-biggest cryptocurrency in the market.
The weekly chart shows XRP price surged to $2.90 last week but has since dropped to $2.40 following Garlinghouse’s 60 Minutes interview.
This decline has mirrored the broader market trend, as Bitcoin and other altcoins also began the week in the red. Despite the pullback, XRP remains above the key resistance level of $1.9700, its peak in April 2021.
Ripple is still significantly above the 50-week and 200-week Exponential Moving Averages.
The most likely scenario suggests XRP could drop to retest support at $1.9700 before resuming its uptrend. This break-and-retest pattern is a common continuation indicator.
Further XRP price gains are expected if the coin surpasses the ye
ar-to-date high of $2.90.
