Ripple XRP’s token was rejected by the market at $1.60 during a larger correction. Bitcoin’s (BTC), which was priced at $75,000, also suffered a rejection. This triggered a general market decline. CoinGecko’s data shows that XRP has dropped 1.7% over the past 24 hours. It also fell 7% last week. XRP’s 14-day chart shows that it has gained 2.2% despite the correction. Discuss if the most recent dip in the market will once again bring XRP to below the $1 level.
Can XRP dip below $1?
XRP dropped to $1.16 in early February, 2016. Since early February the asset has recovered, but it faces significant resistance around $1.60. Moreover, it seems that the price of the asset is supported between $1.15 and $12.20. The current dip in the market is worrying, but it could not lead to a crash if XRP dips below $1.
One should be aware that markets across the board are feeling the impact of the US-Iran war. Escalation is possible if Iran continues to close the Strait of Hormuz. Trump said he will retaliate against Iran if it does not open the Strait of Hormuz. XRP, and possibly other crypto assets, are suffering from a surge in investor anxiety.
We may need to prepare for a steep price drop if the downward trend continues, and Bitcoin (BTC), falls below $60,000. A scenario like this could push XRP below $1. BTC is supported by a price of around $62,000 and could rebound.
Please Read This: Legal Expert Says Buy More XRP at the Right Price as Metrics Surge
According to CoinCodex analysts, XRP will not fall below the $1 markIt is not expected to see a price spike. Platform predicts that XRP will continue to trade above $1.35 in the next few months and reach $1.62 by June 11th 2026.
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Source: watcher.guru
