XRP falls to key support level as analysts monitor price action: ‘It’s going to get bullish!’

Ghana has officially legalized cryptocurrency trading by enacting the Virtual Asset Service Providers Bill, 2025, which empowers the central bank to regulate and license crypto service providers. This legislative change marks a significant shift in the legal landscape for digital assets in the country, ending years of uncertainty.

XRP has fallen below the critical support level of $1.95 for the first time in 13 months, as noted by crypto analyst Guy on the Earth. This breach indicates a significant shift in market dynamics, with the analyst projecting a potential target of $0.90 if the downward trend continues.

Bitcoin exchange-traded funds (ETFs) have experienced a third consecutive day of outflows, while Ether ETFs have turned positive, indicating a shift in investor sentiment. This development comes amidst a broader market context where Bitcoin and Ether have faced significant losses recently, collectively shedding $1.14 billion in value due to liquidity concerns.

XRP has shown a lackluster performance recently, with price stagnation reflected in losses over 14-day, 30-day, and 60-day periods. Despite this, confidence in XRP is reportedly growing, as institutions and large holders are strategically positioning themselves to absorb market weaknesses, anticipating a shift in market dynamics.

XRP's price has dropped to $1.8800, marking its lowest level since December 19, and is approximately 50% below its peak this year, reflecting a broader downturn in the cryptocurrency market alongside Bitcoin and other altcoins.

A significant crypto crash is occurring today, December 23, with Bitcoin and most altcoins experiencing declines, resulting in a 2.45% drop in total market capitalization to $2.95 trillion. This downturn follows a series of price drops over the past weeks, indicating a persistent bearish sentiment in the cryptocurrency market.

XRP spot ETFs in the U.S. have accumulated approximately $1.2 billion in assets within a few weeks, contrasting with a decline in interest for Bitcoin and Ethereum ETFs as crypto prices soften. Despite XRP's recent struggles, the ETF inflows indicate a robust demand for this asset class.

A record $23 billion in Bitcoin options contracts are set to expire on December 26, creating a potential for significant volatility in Bitcoin's price as traders navigate current market conditions.