Amid the broader crypto market downturn, XRP is also showing a decline, but there's hope for recovery.
XRP Experiences Significant Decline
On March 3, Ripple saw a substantial resurgence with XRP's value climbing over $3. However, days later, it dropped to $2.18 according to CoinGecko. This decline coincides with the overall dip in the crypto market, whose total market cap fell below $2.8 trillion. Bitcoin, Solana (SOL), Cardano (ADA), and Dogecoin (DOGE) have also faced significant losses.
What Metrics and Key Indicators Show?
XRP's price decrease aligns with a drop in key on-chain metrics over the past 24 hours, including the number of XRP payments between accounts, active accounts, and executed transactions. Such changes indicate a drop in on-chain activity and potentially signal less interest from new users.
Prospects for XRP's Value Recovery
Despite the recent decline, some analysts remain optimistic. Ali Martinez believes that if the price doesn't fall below key support just above $2, a move toward $5 might be possible. Others, like Dark Defender and EGRAG CRYPTO, also forecast potential growth. However, hitting the $27-$222 range would require a significant market cap increase.
While XRP's current decline may be concerning, analysts see recovery opportunities if key support levels are maintained and the market environment remains favorable.
