The cryptocurrency market is facing significant turmoil, with a 5.76% drop in market capitalization. XRP is not an exception, experiencing a sharp decline.
Overall State of the Cryptocurrency Market
The total market capitalization of the cryptocurrency market has decreased from $2.61 trillion to $2.47 trillion, with a trading volume of $225.7 billion. Following this, Bitcoin's price fell below $78,000, and Ethereum's dominance dropped to 7.48%, indicating increasing bearish sentiment.
XRP Price Plummets
XRP price has broken through its crucial support level at $2, crashing to a new yearly low of $1.64 with a trading volume of $15.58 billion. Ripple's market capitalization stood at $108.52 billion, reflecting a YTD return of -10.48%.
Future of XRP: Price Predictions and Scenarios
Should a bullish reversal occur, the Ripple price might retest its immediate resistance level at $2. Conversely, a sustained bearish trend could pull it down to $1.75, or even as low as $1.50 if bearish sentiment dominates.
The current situation in the cryptocurrency market remains unstable, and any predictions regarding XRP's future will depend largely on the market's direction in the coming days.
