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How XRP Defined the Market Dip

Cryptocurrency May 24, 2021 08:30AM ET
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How XRP Defined the Market Dip
 
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  • XRP has recently experienced a short-term decline in value.
  • It lost nearly 60% of its value within the past 7 days.
  • XRP was praised for its recent shot up in value, after it went from $1.04 on April 23rd to $1.63 on April 30th.

Ripple, the San-Francisco-based company inked a partnership with the National Bank of Egypt, one which the company announced on Wednesday. That being the case, everyone was excited about the future as well as the success of the XRP Token.

Unfortunately for everyone, XRP fell from its recent high of $1.70 all the way down to $0.68 on Sunday, May the 23rd, which led to a decrease of 60% in value. The coin trades at around $0.88 at the time of publishing.

This is a short-term market dip and is a clear showcase of how volatile the cryptocurrency market can actually be.

Let’s look at this month’s history of XRP to see how it dipped.

  • On May the 17th of 2021 it had a value of $1.46.
  • On May the 18th, 2021, it hit $1.61, a 10.27% difference in value in just 24 hours. It inevitably hit $1.70.
  • On May the 19th of 2021 it dropped down to $1.09.
Keep in mind that all of this is occurring while other currencies, such as BTC are plummeting in terms of value, and even ETH, LTC, XLM have been hitting downward spirals as well.

However, XRPs recent dip defined how volatile the cryptocurrency market is, and how risky investing in any currency is.

On the Flipside

  • XRP is the native cryptocurrency for products that are under the development of Ripple Labs.
  • The main reason why it spiked in value originally was due to the voice the company had about the ongoing cryptocurrency sustainability pool, due to the fact that they announced and claimed to hit carbon net-zero by 2030.
  • We could see it potentially hop back up in value to $1.70 or even $2 when eco-sustainability inevitably comes to a point where it is a requirement by any blockchain out there.

For now, we can look at XRP as a prime example of a dip, and investors who opt-in to take a risk and purchase the currency now could potentially, in the long-term, get a hefty profit out of it.

Did the value drop due to the partnership with the National Bank of Egypt? Probably now many coins have dipped in value as of recently as well due to a variety of different reasons, only time will show how far the cryptocurrency will drop in value throughout the following month.

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How XRP Defined the Market Dip
 

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