The crypto market observed a tumble after Elon Musk’s recent tweet in reference to BTC. It is important to mention that Elon Musk has been a crucial factor in the sudden changes in the market trend. Cryptocurrency users across the globe have started keeping an eye on his tweets to foresee any abrupt changes. While this may be valid, BTC holders are under the direct impact as Bitcoin price dipped lower affecting the entire market. Owing to the status of BTC in the market right now, XRP dropped by 8% as well.
XRP Market Dropped By 8%
As we are all aware the Crypto market majorly depends on Bitcoin’s market status, XRP is no exception. Soon after Elon Musk’s tweet regarding Bitcoin, the market observed a tumbling status of BTC price. As BTC dipped lower on the charts, the price of Ripple (XRP) dropped by 8% in a single four-hour candlestick from 1.046 USD to 0.953 USD.
What Should XRP Holders Do?
While the XRP price drop remains valid, it is vitally important for XRP holders to know that despite the drawdown, there’s not all bad news. XRP did not slide below the lower trend line of an immediate demand zone at 0.948 USD.
The situation also hints that XRP investors are wasting no time in scooping up the remittance tokens at discounted rates.
XRP Prediction For The Coming Days
Keeping in view the optimistic status of XRP despite the market tumble, the price of XRP is most likely going to stick to the safe zone for the next few days. However, if the XRP price slashes the immediate support at 0.934 USD, it can trigger a sell-off of about 10%.
For now, it is best to observe the market trend and see how BTC price continues on the charts. Since the 8% drop in a single four-hour candlestick is a major downswing, it is uncertain if XRP price goes in favor of traders for now.