The recent 24.6% drop in XRP's price has raised concerns about the cryptocurrency's future, with fears of a potential collapse to zero. The decline was triggered by Ripple's monthly token unlock, which saw 400 million XRP worth $1.136 billion released from escrow. While Ripple typically sells only a portion of the unlocked tokens, the market still reacted negatively, suggesting that large unlocks are seen as bearish catalysts. Despite Ripple's controlled release strategy, volatility and uncertainty continue to surround XRP. The XRP daily chart shows a bearish engulfing pattern and the Relative Strength Index (RSI) indicates potential for further declines. Key support levels to watch include $2.00 and $1.50, with a complete collapse to zero highly unlikely. While short-term volatility is expected to persist, a total crash to $0 is improbable.
Weak Dollar, Money Printing and Other ‘Massive Changes’ To Bring Bitcoin to $1,000,000: Arthur Hayes
Bitcoin Exchange Binance Announces It Will Support Network Upgrades and Hardforks of These Altcoins!