XRP Slides 6% as Crypto Risks Becoming 'First Casualty' of SpaceX IPO

Ripple's XRP token took a hit on Friday, June 5, sliding 6% to $1.103 and extending a multi-day decline that dragged the broader digital asset market into the red. Bitcoin and Ethereum also fell, but XRP's move stood out given its famously devoted retail following.

Reasons Behind the Drop

The sell-off comes amid fears that the cryptocurrency market could become the 'first casualty' of the highly anticipated SpaceX IPO. As investors shift focus to promising startup stocks, digital assets may face selling pressure.

Broader Context

The decline spans several days, with XRP losing over 12% in the past week. Bitcoin dropped 3% and Ethereum 4% over the same period.

Similar Moves in the Sector

XRP was not alone; other major cryptocurrencies like Solana and Cardano fell between 4% and 7%, indicating a broad sell-off.

What This Means for Investors

This move highlights the vulnerability of the crypto market to major events in traditional markets, especially upcoming IPOs. Investors should closely monitor developments around the SpaceX IPO.