The cryptocurrency market experienced a significant wave of selling pressure recently, with XRP underperforming its major counterparts. According to CoinGecko data, XRP shed 4.9% over the past 24 hours, settling around $1.10. For the week, the token’s losses deepened to 12.4%.
Lagging Behind Bitcoin and Ethereum
In the same timeframe, Bitcoin noted a 1.4% decline over the past day and dropped 4.9% across the past week. This data indicates XRP has fallen approximately 8% against Bitcoin over a single week. Meanwhile, Ethereum recorded a weekly loss of 7.4%, and Solana‘s decline stood at 8.6%, underscoring XRP’s sharper downturn compared to these leading cryptocurrencies.
Bitcoin, at one point on Sunday, plunged to $73,761 before recovering some of its losses. However, XRP’s weakness remained more pronounced, highlighting the token’s struggles amidst broader market woes.
Nvidia Developments Intensify Market Uncertainty
The selling pressure was exacerbated by news concerning Nvidia’s CEO, Jensen Huang. Nvidia is a prominent name in AI chip technology and is closely followed by global tech stock watchers. The company’s board initiated an independent investigation following the allegations. Despite this scrutiny, Nvidia emphasized that it finds no reason to fear threats to national security or company secrets.
Nvidia stressed there was no indication of national security or corporate secrets being compromised.
Following these revelations, Nvidia shares dipped approximately 3.4% in after-hours trading, reigniting doubts about the sustainability of the AI-fueled rally. As appetite for riskier assets in the crypto market weakened, the sell-off gained momentum.
Community Reaction to XRP’s Sharp Decline
The steep retreat in XRP ignited reactions among its community members, with some disputing claims that the decline was rooted in intrinsic structural weaknesses. XRP Ledger validator Vet mockingly addressed these criticisms on social media platform X.
Vet remarked that the investment thesis for XRP did not offer protection against developments on the Nvidia front, poking fun at the debate.
In the same communication, Vet reminded readers that Ethereum and Solana have also suffered substantial losses recently. This observation suggests that the recent market downturn is not exclusive to XRP but part of a broader market pressure affecting multiple cryptocurrencies.
