XRP Token Plunges Amid Crypto market Turmoil
On October 10, XRP, the digital asset behind the XRP Ledger, hit its lowest point as december. The token fell by 63% from its yearly high, reaching $1.37. However, it quickly recovered by 75%, causing $700 million in liquidations.
This dramatic drop confirmed analyst Peter brandt’s bearish prediction. He warned that if XRP closed below $2.68743, it would drop to $2.22163. Brandt’s forecast came true as the crypto market crashed due to U.S.-China trade tensions.
President Trump announced a 130% tariff on Chinese goods, sparking a $300 billion selloff in the crypto market. The market cap of all coins fell to $3.7 trillion, with liquidations reaching nearly $20 billion.
Despite the volatility, XRP has potential catalysts. ETF inflows and upcoming spot ETF approvals could stabilize the price. Data from ETF.com shows significant inflows into XXRP,UXRP,and XRPR ETFs.
Technical analysis reveals a mixed picture. XRP formed a descending triangle, a bearish indicator, invalidating bullish patterns. Though,a giant hammer candlestick suggests a possible bullish reversal. Analysts predict volatility will continue as the trade war escalates.
Key points:
- XRP fell 63% from its yearly high.
- Analyst Peter Brandt’s bearish prediction came true.
- U.S.-China trade tensions sparked a $300 billion crypto selloff.
- ETF inflows and spot ETF approvals could stabilize XRP.
- Technical indicators show both risk and potential recovery.
