The series of delisting XRP continues with one of the popular exchanges Bittrex delisting XRP from January 15, 2020, until further notice.
The XRP price, however, surged with a decent number of gains and attempts to sustain above $0.2
Big institutions continue to invest in XRP taking advantage of the price plunge.
XRP Price Plunge to Continue or Bounce Back?
As the SEC lawsuit aganist the Ripple Labs made rounds, many exchanges including Coinbase, Okcoin, Bitmax, etc either suspended the trade or just delisted the XRP trading pairs. The recent addition to the list currently is Bittrex which announced the delisting of XRP from its platform.
With the environment surrounding the digital asset is going very negative, many believe XRP will plunge to the lowest ever levels possibles as predicted by an analyst, Alanmasters.
Referring to the above chart posted by the analyst, he says that XRP is not done with the correction phase yet and it can go still lower. He further adds that XRP has trillions of coins in circulation which may be dumped following a massive decline in price.
However, the analysts also said that the XRP price may experience a small bounce which will be short-term but in the long term, the price may visit lower levels.
Is It A Buying Opportunity?
Every smart trader looks for a buying opportunity for the asset when the plunge initiates. The more the asset declines, it attracts more traders to invest in it. The similar thing may be happening with XRP currently.
One of the largest hedge fund Grayscale has flipped its acquisition pattern with XRP. It is well known to acquire major assets like BTC and ETH, and now with a recent update, the firm has accelerated XRP holding by 8.5% since the price started plunging.
The high amount of XRP holdings by Grayscale Investments during the recent plunge might have pumped the asset to some extent. However, as per the reports, Grayscale invested in XRP as the price plunged to its lowest levels, showcasing the crypto community’s trust of a strong rebound by XRP.