TL;DR
- XRP dropped below $2.20, mirroring a broader crypto market decline.
- However, some analysts remain optimistic, predicting a rally to $5 and beyond if the price holds key support.
XRP Bleeds Heavily
Ripple’s XRP experienced a notable surge on March 3, soaring to just over $3. However, this was followed by a steep decline, with the price currently trading around $2.18 according to CoinGecko data.
This downward trend aligns with the broader cryptocurrency market, which has seen total market capitalization plummet below $2.8 trillion. Bitcoin (BTC) briefly dipped to $80,000, while other notable altcoins, including Solana (SOL) and Cardano (ADA), have also recorded significant losses.
The decrease in XRP’s value parallels a decline in critical on-chain metrics over the last 24 hours, including a drop in the number of active accounts and transactions. This suggests reduced on-chain activity and potentially weaker market adoption.
Is There Light at the End of the Tunnel?
Other industry voices, including Dark Defender, suggest that XRP broke through multi-year resistance levels in late 2024, positioning it for further growth. “I’ve never seen XRP bullish more than this before,” stated Dark Defender.
EGRAG CRYPTO’s forecast envisions a substantial price milestone in the $27-$222 range, although achieving this would demand a significant upswing in XRP’s market capitalization, which currently sits below $130 billion.
As the cryptocurrency landscape evolves, the future of XRP remains under close scrutiny, with analysts split between cautious optimism and the need for resilience in challenging market conditions.
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