With all cryptocurrency markets in the red once again, it is evident things aren’t looking all that great heading into the weekend. The XRP price has taken another big hit over the past 24 hours, experiencing a 11.11% decline. With a current XRP price of US$1.18, we could very well see US$1 before a return to US$1.25. There’s no reason to think things will get out of hand, though.
Another bad day for the XRP Price
Whenever the Bitcoin price takes a big hit, all other currencies will suffer eventually. That’s not just because these currencies lose value against BTC itself, but also because their USD values can drop by double-digit percentages rather quickly. In the case of the XRP price, we have witnessed a decline from US$1.65 to US$1.18 over the course of a week. It was a big dip, but it is only to be expected when the markets are in a state of flux.
Although this XRP price decline is not necessarily a big deal, it is evident things are heading in the wrong direction. Since all digital assets remain incredibly volatile for the time being, it’s only normal that we will see medium to large price decreases in the coming days. With the weekend almost upon us, we may see the XRP price drop below US$1.10 in the next few days.
Having declined by 11.11% during the past 24 hours, the XRP price has dipped below US$1.20 for the first time in five days. It’s also fallen by 4.98% against Bitcoin, which will further push the price down in the coming hours. It is evident that the bears are in full control of all markets as we speak. Trends like these can always turn around, especially during the weekend, as few things make sense during those two days.
With US$1.485 billion in 24-hour trading volume, things are not all bad for XRP. This digital asset tends to generate up to US$5 billion in 24-hour volume, but it seems that will not happen anytime soon if the current trend remains in place. A lower trading volume doesn’t really matter all that much, though, as it is not the only indication of how the market will evolve in the next few days.
With three South Korean exchanges generating over 52% of all XRP trades right now, it is evident the rest of the world is not too bothered with XRP. The largest non-Korean market is Bitfinex’s XRP/USD pair, which generated US$92.4 million in the past 24 hours. Other than that, we have Poloniex and Binance both generating half that volume. This can either indicate that people are holding or that no one is bothering to trade XRP when the market is bearish for no good reason.
For the time being, the XRP price is poised to drop below US$1.15 in the coming hours. The current bearish pressure on all markets should not be ignored. It’s possible that the Bitcoin price will fall below US$10,000 before the weekend is over. If that happens, everything else will look even worse for wear than it does right now.
