XRP Drops 11% in 24 Hours- Metrics Nosedive

Things are just not going well for XRP. In the last 24 hours, XRP dropped about 11%. The total loss over the last week has been 21%. 

Almost nobody expected XRP’s price to fall 4.89% in the last 24 hours. But that’s happened now! Traders are sure to spend a sleepless night.   

A Huge Setback for The Market 

Due To the sharp loss, there are concerns that XRP might not be able to hold on to their 1 billion threshold payment volume. In a recent drive, a lot of users sold their tokens. It seems that such drives might be frequent now.  

A recent market correction caused the users to behave likewise. Notably, the price reduced below the critical support levels. When customers realized that holding on to the asset wouldn’t be useful anymore, they started selling off the token in masses.  

XRP’s Response  

XRP was keen on making a recovery. The asset is still trying to recover from the sharp market resistance and keeping up with a price of about $2.62.  

But even that seems difficult now. If the market does not turn bullish soon, there is a high chance that XRP’s price may go down below its recent low of $2.17 as well.  

XRP’s bullish phase is over! 

It is easy to understand when your bullish phase is about to end. Always note- breaks under 50 EMAs suggest that the bullish period is about to be over.  

But the end of this phase is not the most worrisome issue for the token now. If the current levels continue, XRP’s may drop below $1.60 in no time.  

What’s worse is that there is no visible significant support element.  

The market sentiments are weakening  

There is no positive on-chain activity. Therefore, the market is losing hope. Once the market starts selling off assets in a wave, it would be difficult to recover again.  

Already there is a significant drop in the number of transactions and active wallets are visible. It is one of the biggest red flags of recent times for XRP.  

Is Recovery Possible? 

The transaction volume and number of active wallets have dropped speedily in the last 72 hours. It is likely the buying pressure won’t be significant in the coming week also. Therefore, recovery might take much longer than expected. Traders had better postpone their plans to invest in XRP, at least in the coming few weeks.  

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