XRP Plunges 10% Amid Crypto Market Downturn

XRP, the native cryptocurrency of Ripple, has experienced a significant decline today, losing more than 10% of its value. This drop comes amidst a broader downturn in the crypto market, with the global crypto market cap falling by nearly 8% during writing. The recent performance of XRP has been marked by a surge of over 500% from early November to mid-January, followed by a period of consolidation in the $2-$2.5 range. However, the crypto has witnessed a decline of nearly 25% over the last seven days and a plunge of around 36% in the 30-day chart.

The recent losses of XRP can be attributed to several factors. Firstly, the gloomy sentiment in the broader digital assets space, as evidenced by the recent crypto market crash, has contributed to the recent performance of the asset. Secondly, declining network activity has been a significant factor in the falling XRP price. Renowned expert Ali Martinez highlighted that XRP network activity has dropped by 50% since December, with active addresses on the network decreasing from 202,250 to 101,169. This trend suggests that the decrease in network activity is a significant contributor to the falling XRP price, indicating a reduction in transactions and overall engagement on the XRP network.

Another key factor could be the delay in the Ripple vs. SEC case settlement. The US SEC has started dropping crypto lawsuits, with many top cases already dismissed this week. However, with no official comments on the XRP lawsuit, it appears that it has dampened investors' sentiment. Top experts anticipate a resolution in the first half of the year, which could potentially boost the market optimism for XRP.

As XRP slipped significantly, market pundits have shared critical insights for investors. Expert Rose Premium Signals hints at a potential decline to $1.2578, highlighting it as a key support zone. However, the analyst noted that if Ripple's coin holds this support, it could target $3 next and then the $4.22 mark. Simultaneously, other experts have also predicted the Ripple price to slip to $1.6 recently. Despite this, the pundits remained optimistic about the long-term trajectory of the coin. In a recent X post, CasiTrades said that XRP price correction might end at the $2