XRP Plummets 14.3% as Crypto Market Cap Drops 8.6%
2min read On Monday, April 7, the cryptocurrency market experienced a significant downturn, with XRP being one of the most affected tokens. The value of XRP plummeted by 14.3% within a 24-hour period, reaching a low of $1.81. This decline was part of a broader market selloff that saw the total crypto market capitalization decrease by 8.6%, falling to $2.572 trillion. The market capitalization of XRP also declined by 15.08% in the last day, bringing it down to $109 billion. Despite the steep drop, some analysts remain optimistic about the future of XRP.
The recent crash has brought XRP's price down by 44.5% from its all-time high of $3.40, which was reached on January 7, 2018. However, a South Korean financial analyst, XForceGlobal, has made a bold prediction that XRP could surge to $20 or even $40 in the coming months. This prediction is based on technical indicators and the resilience of XRP's price during recent market crashes. XForceGlobal points out that XRP has performed better than other major altcoins, such as Ethereum, which have fallen between 45% and 65% from their January peaks.
Another factor supporting this projection is the Elliott Wave theory, which suggests that price movements follow specific patterns. According to this theory, XRP's price could surge to $40 in 2025 or 2026, following a five-wave cycle. However, not all analysts are convinced by this prediction. A Hong Kongian analyst expressed skepticism, stating that these figures defy near-term realism. Despite the market-wide selling pressure, XForceGlobal remains confident about XRP's long-term prospects. While the short-term outlook may be bleak, historical data from previous crypto market crashes suggests that XRP could recover in the long term. However, the fundamentals do not support a surge to $40 in the short term.
Ask Aime: What factors could lead to a surge in XRP's price in the future?
XRP's recent price crash, which saw a 14.3% decline to $1.81, is part of a broader market selloff that has affected the entire cryptocurrency market. The total crypto market capitalization has decreased by 8.6%, falling to $2.572 trillion. This downturn has brought XRP's price down by 44.5% from its all-time high of $3.40, which was reached on January 7, 2018. Despite the steep drop, some analysts remain optimistic about the future of XRP, with XForceGlobal predicting a surge to $20 or even $40 in the coming months. This prediction is based on technical indicators and the resilience of XRP's price during recent market crashes. However, not all analysts are convinced by this prediction, with some expressing skepticism about the near-term realism of these figures. Despite the market-wide selling pressure, XForceGlobal remains confident about XRP's long-term prospects, citing historical data from previous crypto market crashes as evidence that XRP could recover in the long term. However, the fundamentals do not support a surge to $40 in the short term.
