XRP Price Prediction: Will XRP Crash to $0.20 with the Bitcoin Crash?
Bitcoin's recent drop below $60,000 has rattled the crypto community. Despite a short-lived rebound, the sentiment among analysts is that Bitcoin's decline is far from over. This has prompted widespread speculation about the fate of other cryptocurrencies, including XRP. As Bitcoin continues to show signs of weakness, investors are questioning how this will impact the price trajectory of XRP.
Why Did Bitcoin Price Crash?
1. Mt. Gox Dumping tokens on the market
One of the major contributors to Bitcoin's decline is the announcement of the Mt. Gox repayment plan. The defunct exchange is set to release around $9 billion worth of Bitcoin and Bitcoin Cash to creditors starting in early July . This impending influx of Bitcoin into the market is causing significant unease among investors, who fear that the sudden increase in supply could drive prices even lower.
2. Normal Market Price Action
Investor sentiment has also taken a hit, contributing to the downturn. Traditionally, Bitcoin has moved in tandem with the Nasdaq, which recently reached record highs. However, this correlation appears to be weakening . There are growing concerns that some of the largest Bitcoin holders, including major miners and even the German government, are offloading their holdings . This shift in market behavior is compounding fears of a prolonged bearish trend for Bitcoin.
XRP Price Today: Did XRP Crash?
Despite the turmoil in Bitcoin, XRP has shown relative resilience. The price of XRP dropped from $0.49 to its current level of $0.47 . While this decline is modest, XRP is known for lagging behind major market movements. This characteristic suggests that XRP may not have fully reacted to the recent market shifts and could experience further volatility in the near future.
XRP/USD 3-hours chart - TradingView
XRP Price Prediction: Will XRP Crash Down?
If Bitcoin continues its downward trajectory and breaches the $60,000 mark once more, it's likely that XRP will follow suit. Given the current market dynamics, XRP could face significant selling pressure. The next key support levels for XRP are at $0.42 and $0.36 . Should Bitcoin's decline intensify, XRP may struggle to hold these levels, potentially opening the door for a drop to $0.20.
XRP/USD 1-day chart - TradingView
Read more: https://cryptoticker.io/en/xrp-price-prediction-will-xrp-crash-june-2024
Text source: CryptoTicker
