Why did XRP price drop after Garlinghouse’s 60 Minutes interview?

XRP price experienced a sharp reversal on December 9, mirroring the performance of Bitcoin and other altcoins.

Ripple (XRP) fell 16.2% from this year’s high to $2.40, and its market value reached $138 billion.

His withdrawal comes after Ripple Labs CEO Brad Garlinghouse appeared on the popular CBS show 60 Minutes. In an X post after the interview, he noted that some details had been edited to exclude them.

Notably, Garlinghouse emphasized that 60 Minutes did not mention XRP’s non-security status; this was confirmed by a federal judge in 2023.

He also criticized the program for implying that XRP had no utility, and likened this perspective to early criticisms of the internet. Garlinghouse claimed that Ripple Labs has processed billions of dollars of KYC-compliant transactions for enterprise customers.

Crypto makes its debut @60Minute Tonight – there is no doubt that these technologies will continue to become more and more prevalent and their impact and reach will continue to grow.

A few things I’d like to comment on after watching:

I talked to Margaret…

— Brad Garlinghouse (@bgarlinghouse) December 9, 2024

Ripple said in its latest results that the network processed over 172 million transactions in the third quarter, up 99% year-on-year. The network burned 598,477 XRP tokens from transaction fees; This is up 21% compared to the same period last year.

The XRP price has performed strongly over the past few months, becoming one of the best-performing cryptocurrencies. It has risen 382% from its November low, positioning it as the third-largest cryptocurrency on the market.

This rally was driven by optimism that Donald Trump’s Securities and Exchange Commission would adopt a more crypto-friendly stance compared to Gary Gensler’s tenure.

In parallel, investors predict that Paul Atkins may decide to eliminate the agency’s pending objection. Additionally, the agency may approve a spot XRP ETF in 2025.

Has the XRP price reached its peak? XRP price chart | Source: crypto.news

The weekly chart shows that the XRP price rose to $2.90 last week but has since fallen to $2.40 following Garlinghouse’s 60 Minutes interview.

This decline reflects the broader market trend, as Bitcoin and other altcoins also started the week in the red. Despite the pullback, XRP remains above the key resistance level of $1.9700, its April 2021 peak.

Ripple is still well above the 50-week and 200-week Exponential Moving Averages.

The most likely scenario suggests that XRP could drop to $1.9700 to retest support before resuming the uptrend. This break and retest pattern is a common continuation indicator.

Further increases in XRP prices are expected if the coin surpasses its year-to-date high of $2.90.