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XRP Struggles After Bitcoin Drop: Will It Dip to $1 Again?
As the cryptocurrency market continues to grapple with the recent drop in Bitcoin’s price, Ripple’s native token, XRP, is facing significant pressure. The altcoin has plummeted by 32% from its yearly high of $2.90, a stark contrast to the previously reported growth.
The recent downturn stems from an expected correlation between XRP and Bitcoin, as both assets have historically demonstrated strong ties. This phenomenon has led many market analysts to predict a potential slide in XRP’s price, potentially dipping below the psychologically significant level of $1.
According to recent data, the number of network transactions has experienced a decline, signaling waning investor interest in XRP. The drop is not isolated to XRP alone, as numerous altcoins are also experiencing the negative impact of Bitcoin’s correction. In light of this situation, it becomes increasingly crucial for investors and traders alike to reassess their positions.
In an attempt to shed light on XRP’s short-term trajectory, CryptoQuant has discovered that transaction velocity is increasing, a sign that may signal a potential breakout in the near future. Analysts like Egrag Crypto have also predicted, based on Fibonacci and Elliott Wave analysis, that the token could potentially surge to $15 by May 2025.
A crucial level of support at $1.96 has not been breached, which could signify a temporary pullback rather than an indication of a major downtrend. If XRP can maintain its stance above this line, it may continue its upward momentum. However, should the token fail to uphold this critical level, the market’s long-term outlook becomes significantly more uncertain.
In conclusion, the current scenario remains precarious for XRP holders and traders, as the uncertainty surrounding Bitcoin’s next move looms large. It is essential that investors remain vigilant and prepared to adapt their strategies based on the rapidly evolving cryptocurrency landscape.
Sources: Cryptotale
Source: cryptotale.org
