It’s certain that XRP (XRP) is not having a good year with so many price fluctuations that just did not allow Ripple’s token to remain within the same price range. However, only one month ago, in September, XRP (XRP) managed to recover and even increased by more than 100%. But now, XRP (XRP) drops by 40% since its September high.
Even though many thought Ripple’s token is on the right track towards its all-time values of above $3, the crypto disappointed every XRP enthusiast, as soon as the bullish trend ended and the coin plummeted again at the $0.40 mark. At the time of this article, XRP (XRP) trades at $0.405 after dropping by about 14% in the last 24 hours. Also, over the previous seven days, the asset decreased by approximately 24%, while since its September high it plummeted by 40%.
Some cryptocurrency analysts and experts came out to give some explanations regarding the recent XRP (XRP) drop.
XRP (XRP) Drops By 40% Since Its September High
“XRP (XRP) skyrocketed because of the hype surrounding Ripple announcement and events but, fundamentally, nothing changed. The drop is simply XRP returning to earth, back to the range is ‘should’ be trading in,’ said Tim Enneking, the managing director of Digital Capital Management.
Also, according to Chris McClure, Chief Marketing Officer of digital currency data at Svandis, “the selling pressure has really lost its momentum within these current ranges.”
“XRP made these unexpectedly phenomenal runs past recent levels of resistance. However, these were the purest definitions of the FOMO mindset. The problem with a run like that, in a market of currently low volume, means that it is exposed to little support,” McClure added.
Besides, the experts also think that the cryptocurrencies market will continue to experience similar fluctuations due to increased volatility. The “hype-driven volatility will continue causing XRP (XRP) prices to vacillate in the short-term while searching for, potentially asymptotic, long-term equilibrium,” said Eric Ervin, Blockforce Capital CEO.
Vadim has been a fan of decentralized systems, blockchain technology, and cryptocurrency since he first bumped into these concepts back in 2011. For us, he will cover Bitcoin (BTC), cryptocurrency, and blockchain technology news.