This has been one heck of a year for Ripple and its digital asset XRP. The token has been seeing various fluctuations, and XRP’s price has not remained in the same area for too long.
The digital asset designed by Ripple has recently seen a change in price over the past month, and everyone thought that the bad times were over, but today, the crypto market surprised everyone.
Today, the markets crashed again and lost almost 7% in just a couple of hours.
Bitcoin dropped by 5% on the day, and this unfortunate event triggered a cascade effect across the entire crypto market. XRP was also severely affected.
XRP also fell from its September high by 40%, and it reached $0.411692 on CoinMarketCap.
Expert opinions on the price of XRP
After looking into the changes in XRP’s price, analysts and experts have primarily looked on changing sentiment.
Tim Enneking, the managing director of Digital Capital Management, spoke on the matter and said that XRP “skyrocketed because of the hype surrounding Ripple announcement and events but, fundamentally, nothing changed.”
He continued saying, “the drop is simply XRP returning to earth, back to the range is ‘should’ be trading in,” via Forbes.
The massive changes in XRP’s value took place during a time in which the crypto markets were not as vulnerable, according to Chris McClure, Ph.D. and Chief Marketing Officer of digital currency data at Svandis.
He continued and said that “The selling pressure has lost its momentum within these current ranges.”
He also explained that XRP made “these unexpectedly phenomenal runs past recent levels of resistance. The problem with a run like that, in a market of currently low volume, means that it is exposed to little support.”
The crypto market has been quite still for the past few weeks, so maybe such a crash as the one seen today should have been something to expect. We’ll see where things go from here.