XRP, the digital token controlled by the San Francisco-based company Ripple, has lost almost half its value in the last 24 hours, going into free fall. In addition, significant cryptocurrency exchanges, including Ripple and Binance have taken over XRP transactions. This overthrow, in turn, has overseen a decline of its price to $1.09, which is approximately a 12 percent loss.
According to Whale Alert, one of the largest crypto communities, Ripple, Binance, Huobi, and other prominent crypto exchanges transferred the equivalent amount of $225,171,272 in XRP.
Why has the Price Fallen?
Most of the notable cryptocurrencies have fallen recently, and XRP is no exception.
It’s precisely unclear what has caused the current recession, but cryptocurrencies markets have commonly dropped since China motioned a crypto crackdown most recently.
China has prohibited financial institutions from offering crypto-related transactions and warned investors against speculative trading.
XRP Price Prediction in Future
With a market cap of over $60 billion, XRP is currently one of the world’s leading cryptocurrencies. After a rough few months, it has shown some solid bullish momentum in recent times – with all-time highs looking likely to get breached again.
Information on Coin’s Outlook suggests that future XRP price predictions are as follows;
One Month: Bullish momentum for XRP began in July and has continued into August. The analysis indicates that it will reach the $1.60 level in the next month.
Three Months: It is expected to see some consolidation between $1.60 and $1.70 levels, as there does appear to be some strong resistance in this area. However, if the momentum continues, we can expect XRP heading towards highs of $1.95 within the next three months.
Beginning of 2022: XRP prediction for the beginning of 2022 sees the coin rising to $2.2. After this, we can expect it to continue heading upwards in the future.
Is XRP Safe?
One thing that matters when it comes to crypto investment is its security. Without security, the crypto would easily get compromised, and its value would automatically drop.
Unlike Bitcoin and other currencies, it does not market itself with its decentralization. Instead, the crypto is closely associated with several banks, investment companies, and organizations worldwide.
Conclusion
XRP has excellent potential in the future. It shows a promising future for its investors. However, it faces much negative news, especially since its downfall has been so drastic in the past two months. Some feel that it won’t ever recover, but the truth remains that the token has been able to track Bitcoin and Ethereum movements for a number of years.