Ripple Price Bearish Trend Continues : How Low Can XRP Price Drop?
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XRP, the 6th largest currency by market cap, is facing a bearish signal with a significant drop of almost 7%, bringing its value to $0.54. This decline is part of a broader trend affecting the entire crypto market throughout 2023. Even major cryptocurrencies like Bitcoin and Ethereum have not been spared, seeing respective decreases of 2.88% and 3.95%.
Despite XRP’s resilience around the $0.50 support level, it has joined the general bearish sentiment, falling by 2.59% in the last 24 hours to $0.5218. Despite this, Ripple Labs, the company behind XRP, is committed to expanding real-world use cases and forming strategic collaborations. Market traders constantly seek catalysts to reverse the declining trend. The focus is on how Ripple Labs will use XRP for cross-border settlements.
XRP_Shark’s Insight on XRP’s Bear Trend
According to XRP_Shark, a market expert, XRP might be getting close to its lowest point, which could mean that prices will rise soon. According to XRP_Shark, they plan to buy more XRP if its price drops between $0.35 and $0.45. The analyst sees this range as the possible “bottom area,” which shows hope for a strong rebound if this happens.
XRP has a history of weathering challenges, including surviving the crypto winter and legal cases, such as the Ripple vs. US SEC lawsuit over its securities status. Although XRP has not recently tested the $1 mark, it has maintained support at the $0.3 level. The analyst notes that a drop below $0.3 could surprise investors.
XRP is the only crypto in the market with legal clarity on its securities status. Hence, this recognition undoubtedly positions XRP as an attractive option for retail and institutional investors. Conversations within the crypto community about a potential XRP Exchange-Traded Fund (ETF) are gaining momentum. If true, an XRP ETF could significantly boost positive sentiment surrounding XRP.
Technical Hurdles Amidst Whale Activity
The XRP Ledger development aims to add new features, and DeFi projects like Evernode could make it more useful. Big investors continue to buy XRP, showing long-term confidence. But currently, technical issues and a lack of active buyers make analysts wary. XRP needs to surpass $0.60 and then $0.65 to turn things around, but sellers will likely control the situation until that happens.
As of the latest data, XRP’s market capitalization has dropped by 2.74% in the past 24 hours, totaling $28.36 billion. Concurrently, trading volume has surged by 77.84% to reach $1.14 billion, indicating heightened activity and increased interest in XRP. Investors closely monitor the situation, hoping for signs of a potential recovery for XRP in the market.
