The cryptocurrency market has seen better days. Not only did Bitcoin crash and slip below the 60K price mark, but the entire cryptocurrency market declined as well. XRP was always considered a lagger, but in down markets, was the first to crash. Its prices slipped below the $1 mark and are going down further. Where will XRP price reach? Will it ever correct back upwards? In this XRP price prediction, we’re going to see why is the crypto market crashing, and where will XRP prices reach potentially.
The Crypto Market currently has Bad Fundamentals
Much negative news appeared this week, sending crypto prices lower. Technical formations are usually used to predict future price-actions. On the other hand, when strong fundamentals come into play, everything would be disregarded. Day traders and even investors should switch from being portfolio managers to becoming active day traders. This allows them to exit their positions and liquidate their losses, in anticipation of lower prices.
Recently, India announced its plan to officially ban cryptocurrencies. This isn’t the first time we hear such news, and every time we read something similar, the entire crypto market crashes.
Additionally, crypto prices are highly overbought and are bound for correction. XRP prices followed the crypto market and corrected in turn lower. Where to? Let’s go to our next section: Technical Analysis.
XRP Price Prediction – Where will XRP prices reach?
Looking at XRP prices, we can definitely see how prices were already on a downtrend. The recent crypto crash definitely affected XRP’s technicals, but prices were already on a downtrend. In figure 1, we can clearly see how prices were making lower highs and lower lows ever since the 10th of November 2021.
When zooming out and looking at the daily chart, we can see a wide consolidation area delimited by USD 1.3 and USD 0.90. Prices were already going towards the USD 0.90 area, so it is only natural to predict lower XRP prices. On the other hand, if prices manage to break lower than this support, we can expect prices to crash further towards the next support of USD 0.50.
The Crypto Market at a Glance
In the past 24 hours, the cryptocurrency market fell by 8%, wiping out 400 Billion in market capitalization. The biggest losers are AVAX, CRO, and ONE losing 17.3%, 16.6%, and 16.3% respectively. On the other hand, the biggest gainers are ANKR, SC, and BAT gaining 17.9%, 17.3%, and 14.75% respectively.
1- Bitcoin (BTC) : – 7.1 %
2- Ether (ETH) : – 8.32 %
3- Binance Coin (BNB): – 6.8 %
4- Tether (USDT) : 0 %
5- Solana (SOL) : – 7.6 %
6- Cardano (ADA) : – 10.3 %
7- Ripple (XRP) : – 9.4 %
8- USD Coin (USDC) : + 0 %
9- Polkadot (DOT): – 10.69 %
10- Dogecoin (DOGE) : – 7.7 %
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