On Tuesday, 25th February, the crypto market saw a large correction in price. Bitcoin’s (BTC) price has dropped to $87,000. BTC traded last at this price in November 2024. Global crypto market cap fell 10.1% over the last 24 hour to $2.98 trillion. Ripple’s XRP follows along with the correction of the crypto market. XRP’s price dropped by 12.3% per the charts for the day, 17.2% on the charts for the week, 13.7% on the charts of the last 14 days, and 31,1% in comparison to the prior month. XRP’s price has risen 292.9% despite the huge correction.
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Cryptocurrency faces major challenges
Over the past couple of days, crypto has been facing significant barriers. The Bybit hack on Friday last week was a significant assault against the industry. About $1.4 billion in crypto assets were lost by the exchange. After the hack, Ripple’s XRP and other assets suffered a major blow.
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BTC has now corrected after falling below $90.000. It is believed that the US has reimposed its tariffs against Canada and Mexico. US shares also experienced massive outflows. The macroeconomic factors have had a major impact on investor sentiment.
When Should You buy XRP?
XRP has had a phenomenal run in the past few months. For the first time in almost seven years, the asset passed the $3 threshold for the month of January. This was probably due to an increase in investor confidence after the US election of a crypto-friendly administration. Ripple is widely expected to win the SEC lawsuit.
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Over the next couple of weeks, it is possible that XRP will recover. XRP may easily regain the $3 level if the market recovers. If Ripple’s lawsuit against the SEC is won and if SEC approves a XRP ETF then the asset might reach new highs.
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Source: watcher.guru
