The crypto market is in a further downward spiral, and XRP is being hit harder than many other projects. In the past 24 hours, the price of XRP has fallen by 5.2%. From a local peak of $2.90, the digital currency has now fallen to $2.08.
Why is XRP hit so hard?
An important reason is the broader downward trend in the crypto market. However, XRP is being hit extra hard because it posted the biggest increases in the weeks leading up to its peak. After an impressive increase of approximately 480%, a sharp correction is not unusual.
In addition, the impact of Ripple’s RLUSD stablecoin is disappointing. Prior to the launch, expectations were high, but the actual impact lagged behind.
Important price levels
To prevent further price declines, XRP must find support above the critical price level of $1.96, according to crypto analyst Andrew Griffiths. If this barrier is broken, the value of XRP could potentially fall further to $1. On the other hand, a recovery from this support level offers the potential for another upward move.
“Stop doubting”
Well-known crypto expert Armando Pantoja emphasizes that patience is essential. His message to unsure XRP investors is clear: “Stop doubting.” According to him, the current correction is a healthy development that is necessary for sustainable growth of the digital currency.
Pantoja sees plenty of opportunities on the horizon. For example, he expects that the crypto-friendly policy of Donald Trump, who will take over the presidency from Joe Biden in January, will positively influence the sector. In addition, he believes it is likely that the ongoing lawsuit between Ripple and the US Securities and Exchange Commission (SEC) will soon be concluded. This can not only remove uncertainty, but also give a new boost to the XRP price.
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Source: https://newsbit.nl/waarom-daalt-de-xrp-koers-vandaag/
