As the general sentiment in the wider cryptocurrency market turns bearish with the new week, XRP isn’t an exception, and signs are suggesting a significant crash could be in store for the crypto’s third-largest asset by market capitalization.
Specifically, XRP has recently lost not just one, but two support levels – at $3.30 and $3.00, after which it could be heading further down to $2.60 or perhaps even $2, according to the observations shared by prominent professional crypto trader Ali Martinez on August 18.
Drop to $2 pending?
As it happens, the crash could be pending due to a combination of factors that include a whopping 94% of all XRP investors making profits, something that would otherwise be a good thing if it didn’t portend a sell-off season, as these investors become tempted to take profits with them.
On the other hand, crypto industry analyst John Squire has suggested a chance of a potential bull run as trillions of dollars in institutional capital prepare to flood crypto markets, arguing that the “next bull run might define an entirely new era of wealth.”
At press time, XRP was trading at the price of $2.99, which indicates a decline of 4.09% in the last 24 hours, a 6.57% drop across the previous seven days, and an accumulated loss of 12.45% over the past month, according to the most recent data retrieved from CoinMarketCap on August 18.
As a reminder, a massive whale and institutional interest in XRP had helped the token to skyrocket past $3 over a week ago, initiating a surge towards $3.60 and possibly even a new all-time high (ATH) but which has later failed to materialize due to a mix of unfavorable developments.
What do you think?
Join Techgaged on Telegram
Get first-access to daily trending tech stories, AI breakthroughs, and more, before it hits your feed.
