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Tough Week for Ripple’s XRP: 24H Volume Decline Is Dire as Price Slumps
Ripple’s XRP has been having a particularly difficult week, with a significant decline in its 24-hour trading volume and subsequent price drop. This comes as a shock to many in the crypto community, given the asset’s impressive performance over the past month.
In the seven-day period ending Monday, XRP was the only top-10 cryptocurrency by market capitalization aside from Cardano ADA that suffered losses. Additionally, its daily trading volume has plummeted dramatically, dropping 93% since the beginning of December to just $2.5 billion on Sunday evening. This massive decline in trading activity is a dire sign for the asset’s future performance.
It is worth noting that XRP’s price had become somewhat disconnected from its peers in November and December, rising 247% during this period while many other assets saw much more modest gains. However, it appears that the market has finally caught up with XRP’s valuation, leading to a correction of sorts.
Despite this downturn, some analysts believe that there may be a silver lining for investors who are willing to take on risk. With the asset having become so undervalued, the potential for significant price gains in the near future could be substantial.
One analyst even went so far as to suggest that XRP is “incredibly undervalued,” implying that its price has dropped too low and may soon see a reversal.
Additionally, some technical chart analysis suggests that there may be a bullish reversal on the horizon. According to this analysis, XRP’s price could potentially bounce back in the coming days if it doesn’t drop below key support at $2.
Other analysts have also weighed in with their predictions, including popular X crypto analyst MikyBull Crypto, who is targeting a near-future price of $4 for XRP. Similarly, technical chart expert Peter Brandt is predicting that XRP’s price will soon reach $2.71.
It remains to be seen whether these predictions will come to pass or not. However, one thing is clear: this has been an extremely tough week for Ripple and its investors, with a significant decline in trading volume and corresponding drop in value.
Source: cryptopotato.com
