Most cryptocurrency enthusiasts may have noticed how all markets are ter the crimson right now. Wij are not talking about puny losses here either, spil all currencies have lost double-digit percentages ter value overheen the past 24 hours. One of the thicker “losers” ter this regard is XRP, spil the XRP price has lost a whopping 28.76% te the past 24 hours. Moreover, the XRP price has bot on a stable decline for more than a week now, and things will not improve ter the near future.
XRP Price is Heading Back to $1 at this Rate
It is always unfortunate to see all cryptocurrency markets lose a ton of value te quick succession. Albeit it is difficult to pinpoint the precies reason for this massive sell-off right now, it seems China’s regulatory measures have caused a lotsbestemming of backlash once again. That is always somewhat surprising, considering how China plays no role of importance te the world of cryptocurrency right now. Even so, their latest clampdown on cryptocurrency trading has sent all markets tumbling down once again.
Right now, no markets are safe from harm whatsoever. Te fact, even the XRP price is taking a legitimate striking right now, and things are not looking all that fine right now. Thanks to the 28.76% loss overnight, the XRP price is now hovering near $1.Three This is a very big difference from one week ago when that same XRP would be valued at $Two.Four. Even a few days ago, the XRP price, made a strong comeback after dipping to $1.6, spil the value surpassed $Two.1 shortly after. It seems very unlikely history will repeat itself te this regard.
Thesis XRP price losses are not necessarily surprising either. Overheen the past few weeks, wij have seen a loterijlot of negative pressure on the XRP market, and this druppel would have occurred regardless of the current Bitcoin price woes. Whether or not wij will see the XRP price comeback to $1.50 or higher this month, remains very difficult to predict. With the current onslaught plaguing all cryptocurrency markets, it is overduidelijk there is nothing to be excited about whatsoever.
Even however XRP still has overheen $Three.26bn te 24-hour trading volume , it seems the vast majority of orders are related to selling XRP more than anything else. No one can deny there is a genuine request to sell XRP very first and foremost, rather than buying it right now. Spil is the case with virtually every cryptocurrency druppel ter history, there will be slew of people looking to buy the dip and make a loterijlot of money ter the future. That will entirely depend on whether or not the XRP price will rise again ter the future, tho’.
Most of the trading volume for XRP comes from the Korean cryptocurrency exchanges. More specifically, wij see Bithumb, Upbit, and Coinone predominate the XRP trading volume right now, albeit none of their prices are effectively taken into account when it comes to the global average. Bitfinex is the very first non-Korean exchange ter this list right now, but their $207.25m te volume is not all that incredible when compared to what the Korean exchanges are doing right now.
It is unclear what the future holds for the XRP price right now. With the current bearish sentiment affecting all cryptocurrency markets, it is overduidelijk things are not looking all that good whatsoever. Te fact, it is not unlikely the XRP price will druppel to $1 or potentially lower if this current trend keeps up. A lotsbestemming of people are pulling money out of cryptocurrency at an alarming rate, but things will eventually terugwedstrijd to normal. When that will toebijten exactly, has yet to be determined, however. For now, the best course of activity is to hold and not fright.
About The Author
JP Buntinx is a FinTech and Bitcoin enthusiast living te Belgium. His passion for finance and technology made him one of the world’s leading freelance Bitcoin writers, and he aims to achieve the same level of respect ter the FinTech sector.