XRP Plummets 29.9% Despite Market Optimism

The price of XRP has experienced a significant decline in recent weeks, despite several positive developments in the market. In the last 30 days, the price of XRP has dropped by 29.9%, with a 14% decrease in the last seven days and a 10.5% plummet in the last 24 hours. This sharp decline has raised concerns among investors and analysts.

The broader cryptocurrency market has also been bearish, with almost all top ten cryptocurrencies experiencing drops. Bitcoin has fallen by 6.2%, Ethereum by 10.5%, BNB by 5.2%, Solana by 12.6%, Dogecoin by 10.3%, and Cardano by 9.2%. The XRP market has followed this trend, with a 10.5% decline in the last 24 hours and an 11.63% plummet yesterday. Currently, the price of XRP stands at $2.197, which is 28.55% below the month's peak.

A crypto analyst, identified as EGRAG CRYPTO, has warned that if the price of XRP falls below the crucial level of $2.30, it could experience a free fall to lower targets. Yesterday, the closing price of XRP was around $2.278, and currently, the XRP price remains at least 3.77% below the opening price of the day.

Technical analysis of XRP suggests that the current RSI reading of 33.04 is in an oversold zone, indicating a high chance of price recovery. However, the Futures Open Interest of XRP has recently declined by over 15%, suggesting that investors have lost confidence in the crypto. Additionally, the 24-hour trading volume of XRP remains at 100.52 Million, the highest since February 3, 2025. Large XRP holders, or whales, have also dumped no fewer than 81 million coins onto exchanges lately, raising concerns about the price drop and investor uncertainty.

Despite the recent decline, some analysts remain optimistic about XRP's long-term prospects. The low RSI suggests a possible rebound, but market volatility, investor uncertainty, and whale activity make it a high-risk investment at the moment.