In a brutal 24-hour stretch, XRP’s market capitalization has now lost over $7 billion as the entire crypto space took a hit.
On March 28, the price of XRP nosedived along with the broader market, with the token seeing one of the steepest drops in value across the board.
Data retrieved by Finbold from cryptocurrency statistics platform CoinMarketCap found that XRP’s market cap plummeted by $7.19 billion, falling from around $137 billion to $129.81 billion, dipping under the critical $130 billion threshold and wiping out all weekly gains in one go.
Weekly and daily losses are pretty much the same, so any progress XRP had made this week has been wiped out. The token fell from a daily high of $2.37 to its current price on Friday of $2.22—over 6% down and a drop of 15 cents from its dollar value.
XRP news and price analysis
$2.30 had been the support level and the token tested that overnight, but once it gave way, further losses to $2.22 followed within two hours. Now, immediate support sits at $2.20, and bulls will be hoping to hold this level and work back toward the previous support at $2.30.
If $2.20 doesn’t hold, things could get ugly. XRP could head toward the $2 mark fast, and psychologically, that would be a tough level for investors to watch fall.
There’s some potential support around $2.05, but even that might not stop the bleeding if sentiment keeps sliding.
XRP price prediction
In terms of XRP’s price prediction, on-chain analyst Ali Martinez pointed out:
“If XRP can break above $3, it would invalidate the current head-and-shoulders pattern, potentially flipping the outlook bullish.”
At that time, XRP was trading at $2.34—so while the pattern isn’t invalid yet, it’s looking more like a longer-term setup now, especially after this drop.
For now, it’s all about whether XRP can hold above $2.20. If not, Friday could close red and push the token closer to a full breakdown toward $2 flat.
Featured image via Shutterstock
