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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Apr 02, 2024 10:11 UTC
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Crypto Bloodbath! XRP Price Crashes Below $0.60; What’s Next?
XRP's price is dropping due to the overall crypto market decline, with Bitcoin and Ethereum also experiencing price drops.
The recent US manufacturing data suggests a potentially stronger economy, leading investors to move away from XRP.
Whales and big institutions are selling XRP, putting further downward pressure on the price.
Twists and turns are regular in the markets, it seems! XRP now finds itself diving below the crucial $0.60 threshold, sparking concerns among enthusiasts. As the crypto landscape grapples with recent setbacks, investors are keen to uncover the reasons behind XRP’s downward trajectory.
What next? Let’s read on.
Market Meltdown
XRP’s troubles reflect broader woes in the crypto realm. Major players like Bitcoin, Ethereum, and Solana have all witnessed significant price drops. Bitcoin slid by around 6.70%, Ethereum by 8%, and Solana by a hefty 10%. This widespread decline has undoubtedly impacted XRP, mirroring similar percentage downturns.
Macro Matters in Focus
Macro-economic shifts originating from the United States have sent shockwaves across the cryptocurrency sphere, exacerbating XRP’s plight. The change in the US Manufacturing Purchasing Managers’ Index (PMI) for March, from 52.2 to 50.3, has fueled speculation among traders regarding a potential Federal Reserve rate cut in June.
Despite Fed Chair Jerome Powell’s recent reassurances, uncertainty looms large, prompting investors to seek safer options like bonds.
Also Read: Ripple vs. SEC: Key April Dates to Watch for the XRP Lawsuit
Whale Watching
Compounding XRP’s bearish pressures is a distribution campaign led by whales and institutional players. Insights from Santiment reveal a steady decline in XRP holdings among addresses with significant stakes. Investors holding between 10,000 to 10,000,000 XRP tokens have gradually reduced their balances since the year began.
This mass departure from XRP wallets, coupled with the allure of alternative assets, has intensified the token’s downward momentum.
XRP Price Analysis
Despite displaying relative resilience amid the market turmoil, XRP finds itself lagging behind in year-to-date performance. With its value currently at $0.5906, breaching the critical $0.60 support level, XRP faces an uphill battle against relentless market forces.
Read More About This: Bitcoin, Ethereum, and XRP Price Prediction For April
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