XRP’s Market Cap Suffers a Significant Blow Amid Crypto Turbulence
The cryptocurrency market experienced a severe downturn recently, with XRP taking a substantial hit. Within a mere 24-hour period, XRP’s market capitalization saw a staggering reduction, shedding more than $7 billion as the digital currency landscape faltered.
XRP’s Dramatic Price Decline
On March 28, the value of XRP plummeted alongside the broader cryptocurrency market. The token endured one of the most pronounced declines in the sector. According to data sourced from CoinMarketCap, XRP’s market cap sharply decreased by $7.19 billion, dropping from approximately $137 billion to $129.81 billion. This dip resulted in the token slipping below the pivotal $130 billion mark, effectively erasing all gains accumulated over the past week.
Advertisement Banner
XRP’s Week of Losses
The losses XRP suffered were consistent both on a daily and weekly basis, negating any progress made throughout the week. The token fell from a daily peak of $2.37 to a current price of $2.22 as of Friday, marking a decline of over 6% or 15 cents from its dollar value.
XRP Price Analysis and Market Trends
Previously, $2.30 served as a critical support level for XRP. However, once this threshold was breached, the price swiftly dropped to $2.22 within just two hours. Currently, the immediate support level is at $2.20, and bullish investors are eager to maintain this position to potentially recover towards the former support of $2.30.
Should the $2.20 support fail, XRP might rapidly approach the $2 mark, a psychologically challenging level for investors. There exists some potential support around $2.05, though it may not be sufficient to halt further declines if negative sentiment persists.
Projections for XRP’s Future Price
Regarding future price predictions for XRP, on-chain analyst Ali Martinez has suggested:
“If XRP can break above $3, it would invalidate the current head-and-shoulders pattern, potentially flipping the outlook bullish.”
At the time of this observation, XRP was trading at $2.34, indicating that while the pattern is not yet invalidated, it seems to be shaping into a longer-term setup, especially following the recent price drop.
For the moment, the focus is on whether XRP can sustain itself above the $2.20 level. Failure to do so might result in a red close for Friday, potentially edging the token closer to a complete breakdown towards the $2 mark.
