Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The crypto ecosystem is recovering broadly, with the XRP price in the spotlight. The intense sell-off in the past week ushered in the threat that the coin could add a zero to its price or dive below the $1 mark. However, this possibility is now effectively erased with the current shift in the market and data outlook.
Current XRP price outlook
As of press time, the price of XRP was changing hands for $2.144, down by 2.99% in 24 hours, per data from CoinMarketCap. Despite this short-term drawdown, the trend over the past week has shown an impressive rally. Within this period, the price of XRP jumped by 20.02% as bulls reentered the market with a decisive push.
Arman ShirinyanThe fear of XRP dropping below the $1 mark was aggravated when the broader market suffered an unusual crash. At the height of the sell-off, the coin's price fell to its monthly low of $1.64, and trading volume also fell.
However, the tide has changed, with the drawdown in the trading volume thinning out to 0.2% as of press time. The XRP market metric shows over $4 billion has been traded in the past 24 hours.
XRP may just be getting started
Clearing off the potential drawdown might just be the starting point in the asset's latest recovery. With XRP ETF hype growing and speculations around BlackRock and Fidelity entering the market now higher, the top coin may see more decisive growth ahead.
Tomiwabold OlajideWith its latest market outlook, there has been an increased comparison between XRP and Ethereum. Industry proponents like John Deaton believe that the former coin may displace Ethereum as the second-largest digital currency in the coming years.
Those who share this sentiment believe XRP has the right product-to-market fit that can continually fuel its adoption over the coming years.
Vladislav Sopov
Dan Burgin