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XRP traded at $0.26406, recording losses of 61.45%, turning out to be the biggest one-day percentage drop since May 28, 2015.
The XRP price crash in the last 48 hours has pulled down major altcoins heavily. Almost all the top-10 altcoins have currently entered the consolidation phase. The heavy price plunge in XRP pushed its market value down to $12.16 Billion that is 1.92% of the total cryptocurrency market value.
At press time XRP is trading at $0.249591 with a 24-hour trading volume of $19,142,085,502. XRP is down 28.88% in the last 24 hours. The current CoinMarketCap ranking is #4, with a market cap of $11,332,452,963.
Since one week, XRP price is down by 50% and it broke many major supports near USD 0.3500 and USD 0.300. The decline was such that XRP even traded close to the USD 0.200 level. It is currently correcting higher, but upsides might be limited near the USD 0.300 and USD 0.320 levels.
At present, we expect the cryptocurrency to continue falling with a potential target at the level of 0.1845. An additional signal in favor of reducing Ripple will be a test of the trend line on the relative strength index (RSI).
Will XRP Price Drop to $0?
As we know, the SEC has sued Ripple and its two executives for selling XRP, calling the digital asset a security. Following this many exchanges have already started delisting XRP.
This suggests that XRP could potentially drop to near $0. Overall, if virtually all exchanges start delisting the digital asset, investors will not even be able to sell it. If XRP is deemed as a security, most of the crypto exchanges will likely delist it.
However, it is quite evident that XRP has a huge fanbase of investors and it’s certainly hard for any cryptocurrency to go $0.