Most cryptocurrency enthusiasts may have noticed how all markets are in the red right now. We are not talking about small losses here either, as all currencies have lost double-digit percentages in value over the past 24 hours. One of the bigger “losers” in this regard is XRP, as the XRP price has lost a whopping 28.76% in the past 24 hours. Moreover, the XRP price has been on a steady decline for more than a week now, and things will not improve in 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 in quick succession. Although it is difficult to pinpoint the exact reason for this massive sell-off right now, it seems China’s regulatory measures have caused a lot of backlash once again. That is always somewhat surprising, considering how China plays no role of importance in 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. In fact, even the XRP price is taking a legitimate beating right now, and things are not looking all that great right now. Thanks to the 28.76% loss overnight, the XRP price is now hovering near $1.3 This is a very big difference from one week ago when that same XRP would be valued at $2.4. Even a few days ago, the XRP price, made a strong comeback after dipping to $1.6, as the value surpassed $2.1 shortly after. It seems highly unlikely history will repeat itself in this regard.
These XRP price losses are not necessarily surprising either. Over the past few weeks, we have seen a lot of negative pressure on the XRP market, and this drop would have occurred regardless of the current Bitcoin price woes. Whether or not we will see the XRP price return to $1.50 or higher this month, remains very difficult to predict. With the current onslaught plaguing all cryptocurrency markets, it is evident there is nothing to be excited about whatsoever.
Even though XRP still has over $3.26bn in 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 demand to sell XRP first and foremost, rather than buying it right now. As is the case with virtually every cryptocurrency drop in history, there will be plenty of people looking to buy the dip and make a lot of money in the future. That will entirely depend on whether or not the XRP price will rise again in the future, though.
Most of the trading volume for XRP comes from the Korean cryptocurrency exchanges. More specifically, we see Bithumb, Upbit, and Coinone dominate the XRP trading volume right now, although none of their prices are effectively taken into account when it comes to the global average. Bitfinex is the first non-Korean exchange in this list right now, but their $207.25m in volume is not all that impressive 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 evident things are not looking all that great whatsoever. In fact, it is not unlikely the XRP price will drop to $1 or potentially lower if this current trend keeps up. A lot of people are pulling money out of cryptocurrency at an alarming rate, but things will eventually return to normal. When that will happen exactly, has yet to be determined, though. For now, the best course of action is to hold and not panic.