XRP course can plummet to 2 dollars, warns crypto analyst

The XRP course is again under heavy pressure. Despite the legal success of Ripple earlier this month, the confidence of investors has disappeared like snow in the sun. The currency has fallen more than five percent in 24 hours and is now around $ 2.96. This means that the loss has risen to more than nine percent on a weekly basis. What’s behind it?

Ripple wins lawsuit, but the market is not concerned about it

On paper, XRP had reason to optimism: Ripple achieved a legal victory at the beginning of August that, according to analysts, had to finally offer clarity about the status of the currency. Yet that turns out not to be enough. Since the monthly high point of $ 3.31, XRP has fallen sharply. The market value fell by nearly $ 20 billion, to around $ 176 billion.

In the meantime, trade in XRP has increased. The 24-hour trade volume rose by almost 70 percent to $ 6.37 billion. That seems to indicate an increasing role of speculators – and possibly larger parties that quietly withdraw.

Millions XRP towards stock exchanges – worried about Chris Larsen

What makes investors really nervous are the movements of Chris Larsen. Since mid-July, wallets that have been linked to the Ripple-Medes founder have sent around 50 million XRP-good for $ 140 million-towards Exchanges.

There is no evidence that Larsen has actually sold, but the idea that he is preparing for an exit is already causing unrest. Certainly because it still has an estimated 2.5 billion XRP. The timing? It coincided precisely with the fall in price from 3.38 to below 3 dollars. Many traders fear a repetition of earlier “supply dumps” by large whales.

Analyst: ‘XRP can go to 2 dollars’

In addition, technically bad news comes. Analyst Ali Martinez warned on Monday that XRP has again lost a crucial support. “The 3 dollar limit has been broken. Chances are that we will go to 2.60 or even 2 dollars,” says Martinez.