There is a difficult day for XRP investors. The popular crypto currency lost 10 %in the last 24 hours and fell to $ 2. With the influence of the negative atmosphere in the market, this harsh decline in the XRP price worries investors. So, what’s behind Ripple’s fall? Here are the details!
1. General Collapse in the Crypto Market
The decline in the XRP is not just this coin -specific. The crypto market was generally shaken by a large wave of sales. The global market value has lost $ 560 billion in the last week. Bitcoin fell by 8 %and dangled below $ 79,000.
Ethereum, BNB, Solana and Dogge, such as large subcoins, such as Ripple experienced about 10 %loss. This adverse weather in the market shaken the confidence of the investor and reduced the risk appetite. Therefore, the price of Ripple has harder with other subcoins.
2. Activity in the XRP network decrease
According to recent analyzes, the number of active users in the XRP network is rapidly decreasing. The number of active wallets, which was 202.250 in December, has now declined to 101.169. This shows that the volume of the transaction on the network has severely decreased.
The falling network activity stands out as one of the biggest factors that adversely affect the market value of XRP. The loss of interest of investors may lead to further decrease in the price. If this trend persists, the XRP can be difficult to recover.
3. Uncertainty continues in Ripple – SEC case
One of the biggest risks of XRP is the ongoing proceedings between Ripple and SEC. SEC has recently stepped back from some cases. However, there was no clear explanation for the XRP case.
Experts think that this uncertainty creates pressure on investors. The lack of conclusion of the case, shaking the investor confidence, it causes fluctuations in the price of XRP. Investors are waiting for the case to be resolved in the first half. However, the absence of a definite date increases the concerns in the market.
What’s next in the XRP price?
According to analysts, the Ripple price may decrease to $ 1.25 in the short term. However, if the support of $ 2 is preserved, the possibility of rising may remain on the table. If the XRP recovered from this level, the levels of $ 3 and then $ 4.22 can be targeted. Critical levels are being tested for Ripple investors! While the uncertainties in the market continue, the future of XRP should be closely monitored.
