XRP Faces Decline Amid Market Turbulence and Pessimistic Sentiment
XRP’s price has decreased by 20% in the past week, with betting sentiment suggesting further declines are likely. Polymarket bettors forecast a 65% chance of XRP dropping to $1.50 by the end of April. The broader market is also reeling from losses due to ongoing tariff issues, with XRP faring worse than Bitcoin this month.
XRP has experienced a significant decline, plummeting by 20% within the past week. Sentiment towards XRP’s short-term prospects is deteriorating, as indicated by bettors on the crypto-betting platform Polymarket, who now perceive a 65% chance of the cryptocurrency falling to $1.50 by month-end, down from 21% just a week prior. Currently, XRP is trading at $1.79.
The broader market has also faced challenges, with a 10% drop in total market value in the last 24 hours, amounting to a loss of approximately $243 billion, attributed to the ongoing impact of tariffs imposed by US President Donald Trump. Market analysts express concern that recovery may be elusive, as Carlos Guzman, an analyst at GSR, stated, “There are no apparent near-term positive catalysts for crypto that would justify a decoupling from the grim macro situation.”
In the previous 24 hours, the likelihood of XRP finishing April positively has reduced significantly from 53% to 25%. Moreover, bettors estimate that the chances of XRP achieving a new yearly price record this month stand at a mere 1%. The currency’s decline is more pronounced compared to Bitcoin, reflecting a nearly 14% drop for XRP this month versus Bitcoin’s 5.3%.
This downturn follows a period of substantial growth, where XRP’s value had doubled due to favorable news, including potential SEC approval of spot XRP exchange-traded funds and the dropping of the lawsuit against Ripple. However, the speculative enthusiasm has diminished, leaving many investors facing substantial losses. Analysts at Glassnode previously warned that XRP may risk further declines without a revitalizing narrative to attract buyers.
In summary, XRP has witnessed a notable decline, with market sentiment waning and traders expressing concerns about its short-term future. Factors such as tariff impacts and a lack of encouraging news contribute to the pessimistic outlook. The speculative frenzy that previously bolstered XRP has subsided, resulting in notable losses for many investors. Without new drivers to inspire confidence, the cryptocurrency faces significant challenges ahead.
Original Source: www.dlnews.com
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