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XRP Struggles After Bitcoin Drop: Will It Dip to $1 Again?
Ripple’s cryptocurrency, XRP, has been under intense pressure since the sharp decline in the value of Bitcoin. The sudden drop in the price of BTC has caused a ripple effect throughout the market, leading many altcoins, including XRP, to plummet in value.
The recent sell-off of XRP has led to significant losses for investors who had invested in the cryptocurrency during its rapid rise. With a current price of $2.16, XRP appears to be on a slippery slope as it may face a serious decline if Bitcoin’s downward trend continues.
In the past, when XRP was trading below this level, it has experienced a drastic fall in value. Should history repeat itself, there is a high probability that XRP will dip once again to its 2021 low of $0.0022 which is approximately $1. As per Santiment data, the token’s MVRV (Market Value to Realized Value) ratio currently stands at an astonishing 77%. This indicates that investors who bought XRP during its previous rally would now be sitting on unrealized gains, likely leading to a mass sell-off and downward pressure on the asset.
Moreover, it is crucial for XRP to maintain its support above its 2021 high of $0.00196. If this level breaks, there may be significant losses for investors holding long positions in the token.
Meanwhile, analysts are also monitoring an increase in transaction velocity, which might signal a breakout in the near future. According to CryptoQuant data, XRP’s recently increased transaction velocity suggests that there could be a possibility of XRP breaking out and potentially moving higher.
Notable analyst Egrag Crypto has even gone so far as to predict that XRP could potentially hit $15 by May 2025 based on his analysis using Fibonacci and Elliott Wave techniques. This would mean that the token’s price direction remains uncertain, with key support and resistance levels in focus.
To conclude, while it is difficult to accurately forecast XRP’s future trajectory, the current market environment suggests a significant risk of decline if Bitcoin continues its downward trend.
Source: cryptotale.org
