XRP drops 15% to $2.53 despite SBI CEO's positive outlook

Ripple's XRP (CRYPTO:XRP) token has seen a significant decline, plummeting by 15% to under $2.5 earlier today.

This drop comes amid a broader market crash that has affected numerous cryptocurrencies.

XRP's price fell from $3.07 yesterday to an intraday low of $2.53 on Bitstamp, marking its lowest value since January 14.

The downturn occurred despite a strong endorsement from Yoshitaka Kitao, CEO of SBI, who predicted that XRP's price could "soar significantly" if the ongoing legal battle with the SEC concludes favorably.

The entire cryptocurrency market has turned red in the past 24 hours, largely influenced by geopolitical uncertainty following President Trump's tariffs against China, Canada, and Mexico.

Bitcoin (CRYPTO:BTC) also faced a sharp decline, dropping below $100,000 and reaching a three-week low of $97,000.

XRP's decline is not an isolated incident; many altcoins have posted double-digit losses as well.

Despite the negative price action, the endorsement from Kitao had initially sparked optimism among investors.

He expressed confidence that the resolution of Ripple's case with the SEC could come within weeks, which many believe would be pivotal for XRP’s future price trajectory.

However, today's market conditions illustrate that the cryptocurrency sector remains highly sensitive to external factors and political developments.

This volatility reinforces findings that the crypto industry often reacts more intensely to fear, uncertainty, and doubt (FUD) than to positive news.

At the time of reporting, the XRP (XRP) price was $2.32.