Recently, the cryptocurrency market has not been kind, with Bitcoin leading another wave of losses. This decline has affected Ripple’s XRP, which dropped to $1.70, marking the lowest point for the asset since early October, when it fell below $1.60 on most exchanges and even below $1.00 on several.

XRP Price Movement
Source: TradingView

The drastic drop in XRP’s price reflects broader market trends. Bitcoin recently fell to $81,000, contributing to an overall downturn where many altcoins suffered losses exceeding 8%. A significant factor in XRP’s latest decline can be linked to market uncertainties, particularly the ongoing geopolitical tensions involving the US and Iran.

Additionally, Ripple’sETF experienced substantial outflows, with January 29 alone seeing a net outflow of $92.92 million, reducing cumulative net inflows from $1.26 billion to $1.17 billion.

Traders are advised to monitor XRP closely, as noted by CryptoWZRD, who suggested that XRP must maintain above $1.82 to avoid further erratic price movements. Should it recover beyond this threshold, it could signify a shift towards a bullish trend.