XRP cryptocurrency has faced a significant price drop of over 20% since late March. We explore the factors influencing the market and analyst forecasts.
XRP Price Decline and Market Interest
At the end of March, XRP faced significant selling pressure, resulting in a price drop of more than 20% following the announcement of the dismissal of the SEC lawsuit against Ripple. At the time of writing, XRP's price has fallen over 2% in the last 24 hours, trading around $2.12. Google Trends data shows the interest in XRP is also declining, reaching a new low of 17.
Factors Influencing XRP Price
Despite the negative price movement, several factors seen as positive continue to attract attention. These include President Donald Trump's earlier hints at possibly including XRP in a national crypto reserve and expectations for the SEC's approval of spot XRP ETFs.
Analyst Egrag's Predictions
Crypto analyst Egrag believes April could be volatile for XRP, testing support levels of $1.8-$1.9 and resistance at $2.8-$3 via 'wicks'. He also predicts a potential consolidation before a final price surge.
The current XRP market state generates mixed opinions among analysts. Despite the recent decline, some anticipate a price surge soon. The development is to be watched closely.
