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Title: Tough Week for Ripple’s XRP: 24H Volume Decline Is Dire as Price Slumps
Ripple’s XRP has had a devastating week, with a significant decline in both price and trading volume. This is particularly concerning given the cryptocurrency’s previous impressive growth.
As of Monday morning, XRP was one of only two top-10 cryptocurrencies by market capitalization that did not gain value over the 7-day window. In fact, its daily trade volume has plummeted to $2.5 billion, a staggering 93% decline from December’s initial levels. This drastic fall in trading activity is alarming, and it’s unclear whether this downward trend will continue.
XRP was once the standout performer among cryptocurrencies, soaring by an impressive 247% between January 1st and December 25th. However, its price has now experienced a sharp correction, with losses exceeding 7% over the same period.
Despite the recent downturn, some experts believe that XRP may be undervalued at current levels. Analyst Zach Rector, who has been tracking XRP’s performance closely, asserts that “XRP is incredibly undervalued.” This bears potential implications for the cryptocurrency’s long-term value, as a sudden influx of buyers could propel its price higher.
Another technical analyst, Peter Brandt, is even more optimistic in his assessment. According to his analysis, Ripple has entered a bullish reversal phase, which may result in significant gains once it breaks out above key resistance at $2.71.
Additionally, popular crypto analyst MikyBull Crypto has forecasted an astonishing price rise for XRP to reach approximately $4 in the near future.
While the current trend is certainly concerning, these predictions by respected experts could potentially spark a turnaround in XRP’s fortunes.
Source: cryptopotato.com
