Ripple's XRP Sees Significant Price Drop: Is $1 Next?
Ripple's price faced a sharp decline following their recent institutional announcement, leaving many wondering about the future valuation of XRP.
Ripple’s cross-border token has experienced a harsh decline in the past 24 hours. The asset has plummeted more than 10% from its recent position to $1.42, marking its lowest price since late November 2024.
XRPUSD Feb 5. Source: TradingView
This drop comes despite the XRP ETFs performing well, with investors’ activity being under scrutiny. It was reported that large withdrawals of $92.92 million occurred, making it a tough day for XRP.
Data suggests that while investors initially withdrew funds, there was a re-investment trend observed soon after, contributing to market dynamics.
Furthermore, Ripple made a crucial announcement regarding institutional support for Hyperliquid through its brokerage platform.
In summary, the reasons behind the current dip seem less attributed to market fundamentals but rather stem from growing uncertainty among investors, as they adjust their positions amidst market fluctuations. With the price nearing critical support levels, analysts forecast potential movement toward the psychological $1 mark.
