The price of XRP has plummeted, falling over 10% in the last 24 hours. This sudden drop has left investors worried, as the entire cryptocurrency market currently faces turmoil.
Reasons Behind XRP's Sharp Price Drop
The broader crypto market is in a sharp downturn, affecting XRP's price. Bitcoin has also crashed by more than 5%, nearing the key psychological price of $90,000. Reasons for the drop include: 1. The US Federal Reserve's tight monetary policy, 2. The US stock market downturn, which has added to the panic, 3. The recent Bybit hack, creating further investor anxiety.
XRP Price Prediction: What to Expect Next?
If the selling pressure continues, XRP is likely to drop to the following critical support levels: $2.00, $1.50, and a less likely but possible scenario of $1.00, which would represent a 50% crash from current levels.
Impact on the Cryptocurrency Market
With the current market instability, XRP holders should brace for further volatility. Whether XRP can recover heavily depends on Bitcoin’s next move and overall market sentiment in the coming weeks.
The situation in the cryptocurrency markets remains challenging. Investors are keeping a close eye on Bitcoin’s movements, as its next steps could determine the future direction for XRP and other altcoins.
