With all of the cryptocurrency markets in the red once again, there isn’t much to be excited about right now. In fact, it is difficult to find any market which has lost less than 20% of its value in the past 24 hours. Especially when it comes to the XRP price, things are looking absolutely dreadful right now. More specifically, in the past 24 hours, the XRP price has dropped by another 31.04%, pushing the value down to US$0.74. It is evident this massive market correction may not be over just yet.
XRP Hits a Massive Snag
It is safe to say all cryptocurrency markets have seen major corrections over the past few days. We have seen so many currencies drop in value over the past few weeks, and things won’t be improving anytime soon. This major drop in both the Bitcoin and XRP prices was bound to happen sooner or later, as the markets had seen massive growth throughout 2017. All good things must eventually come to an end, and the XRP price is no exception in this regard.
The XRP price hit US$3.20 not that long ago. Some people assumed that was the start of bigger and better things, but that has not been the case whatsoever. Instead, we have seen a slow and steady price drop since that time. With the XRP price falling below US$3, and then below US$1.50, it quickly became evident reaching the all-time high again would not be all that easy.
In the past 24 hours alone, we have seen the XRP price drop by another 31.04%. It is evident this is mainly due to Bitcoin losing over 15% of its value overnight, but there has also been a steady decline in the XRP/BTC ratio. In the past 24 hours, the XRP/BTC ratio declined by as much as 19.15%. When Bitcoin loses value in spectacular fashion, it is guaranteed that all other cryptocurrencies will follow suit.
With US$1.9 billion in 24-hour trading volume, the demand for XRP is certainly there. Right now, it seems there is more demand to sell XRP than to buy it, but that could turn around. A massive decline in the XRP price today could lead to massive profits six to twelve months from now. For new people looking to enter the world of cryptocurrency and digital assets, the current prices present an interesting buying opportunity.
Bithumb is once again the leading exchange for XRP. Considering that it’s generating over 35% of all trades as of right now, it has become rather evident that this particular platform is worth keeping an eye on. Upbit is in second place, followed by Bitfinex and Coinone. Bitbank completes the top five, which means we have five fiat currency pairs among the top five markets for XRP. Whether or not this means a price reversal will occur soon is unclear.
For the time being, it remains to be seen what the future holds for XRP. Given the current downtrend, it is evident there will be some major volatility to contend with in the coming hours and days. Especially with the weekend almost upon us, things could quickly go from bad to worse. There is a good chance XRP will hit US$0.70 and potentially go lower. Should Bitcoin suddenly decide to reverse course, we may see an XRP price of US$1 sooner rather than later.
