Key Insights
- •XRP price has lost nearly 5% amid a broader crypto market selloff.
- •Analysts warn of further correction for Ripple coin to $2.
- •The XRP ETF approval might help in a recovery and avoid a massive loss.
XRP Price Dips Amid Crypto Market Selloff
XRP price has recorded a significant decline of nearly 5% today, sparking discussions among traders over the potential reason behind the loss. However, it appears that the dip comes as traders turned cautious towards the digital assets space, let alone the Ripple coin price.
For context, the broader crypto market has recorded massive selling pressure today, falling around 4% to $3.59 trillion during writing. Bitcoin price has lost more than 3% to $107,200, while Ethereum price was down about 5% to $3,706.
The dip could be attributed to a flurry of factors, such as a security threat in the digital assets space, a lack of any positive catalysts, and others. For context, Ethereum DeFi protocol Balancer has recently faced a $70.6 million security breach in a recent cyber attack.
Meanwhile, amid this, analysts have warned of a continuing correction in XRP price. While some warned of a potential drop to $2.2, others have shared further gloomy forecasts, hinting at a potential drop to $1.3 or even lower.
However, the experts have also highlighted the key Ripple coin price levels to watch ahead. It would aid traders in understanding the potential next movements of the coin.
XRP price has recorded a plunge of nearly 5% today and fell to as low as $2.39 in the last 24 hours. During writing, it has recorded a slight recovery and maintained its brief support at $2.4.
Notably, the trading volume of the token rocketed more than 86% to $4 billion from yesterday, further indicating the selling pressure in the market. Besides, Ripple coin has lost nearly 8% over the past seven days, while falling around 20% over the last 30 days.
Meanwhile, the crypto has struggled to break through the $2.7 resistance over the past few days. Despite that, the market watchers are anticipating a potential rebound for the asset, given the soaring optimism over a potential XRP ETF launch this month.
Now, the analysts have warned of a further pullback in XRP price, hinting at a potential dip to $2.2 or even lower. So, here we take a quick tour of what the analysts are projecting on the potential future movement of the coin.
Analysts Hint at Continuing Dip in Ripple Coin
Amid the gloomy sentiment recorded in the broader crypto market, experts have spooked traders with their latest analysis on social media. For context, in a recent X post, analyst Ali Martinez said that XRP price is "showing signs of weakness," projecting a potential drop to $2.25.
He has also highlighted the $2.53 level as a potential level for the crypto. Echoing a similar sentiment, analyst CRYPTOWZRD has also highlighted the key price levels for Ripple coin, which indicate a potential dip to $2 ahead.
In his chart, the analyst has highlighted $2.43 as a major level for the asset. If it fails to hold the support, the expert noted that it could trigger a dump to $2.27 or even $2, which has spooked market participants.
Having said that, the investors should exercise due diligence while putting their bets into the market. While the Ripple ETF approval could help in a robust recovery, the current scenario suggests a gloomy momentum for the asset in the near future.