XRP Price Prediction as Cryptos Crash: Will XRP Price Reach $1?
XRP price plummeted in the past 24 hours by more than 10%, reaching a shocking low of $2.30. This sudden drop has left investors worried about whats next for the cryptocurrency, as the entire market faces turmoil.
XRP/USDT 1-day chart - Bitget
The broader crypto market is also in a sharp downturn, with Bitcoin crashing by more than 5%, now hovering dangerously close to the critical psychological price of $90,000. If Bitcoin breaks below this key level, the bloodbath in the altcoin market, including XRP, could intensify further.
Why is XRP Price Crashing?
- The Entire Crypto Market Is Crashing: XRP has a history of following broader market crashes and struggling to keep pace when the market recovers. This trend has put XRP holders on edge as they watch their holdings dwindle.
- Federal Reserve's Tight Monetary Policy: The US Federal Reserve's aggressive stance on quantitative tightening (QT) suggests that interest rate cuts are off the table for now. This uncertainty extends to former President Donald Trump and his administrations potential implementation of the Strategic Bitcoin Reserve, which could significantly impact Bitcoin's price but leave XRP lagging behind.
- Stock Market Downturn Adds to Crypto Panic: The recent plunge in the US stock market has only added fuel to the fire. The S&P 500 suffered its worst decline in two months, dropping nearly 2% last Friday. Bitcoins correlation with traditional financial markets means that such downturns often drag crypto prices down as well, leading to further sell-offs in XRP.
- Bybit Hack Creates Investor Anxiety: The recent security breach at Bybit has intensified uncertainty in the crypto market. Investors are increasingly cautious, opting to remain on the sidelines rather than re-enter the market. This lack of buying pressure has only exacerbated the ongoing crash.
XRP Price Prediction: How Low Could XRP Go?
If selling pressure continues to mount, XRP is likely to drop to the following critical support levels:
- $2.00 A major psychological level that could trigger further panic if breached.
- $1.50 A significant historical support zone, but breaking below this could signal deeper trouble.
- $1.00 A less likely but still possible scenario that would represent a catastrophic 50% crash from current levels. Such a move would likely coincide with Bitcoin plummeting to around $75,000.
XRP/USDT 1-day chart - Bitget
With fear gripping the market and bearish sentiment taking over, XRP holders should brace for further volatility. Whether XRP can recover depends heavily on Bitcoins next move and overall market sentiment in the coming weeks.
Read more: https://cryptoticker.io/en/xrp-price-prediction-crypto-crash-reason/
Text source: CryptoTicker
