XRP Price Drops, Will It Fall to $1.9 Level?

Bittime - XRP price has experienced a significant decline in the last few days. In fact, this altcoin has experienced a correction of more than 16% in the last 24 hours. 

Even so, XRP trading volume jumped by 210%. Read this article to find out more!

XRP Price Today

Source: Bittime.com

Based on the Bittime market, the price of XRP today fell by 16.28% and was trading at IDR 39,824 or around $2.42 when this article was written.

Read Also: XRP Price Prediction to Increase in 2025, Here's the Reason! 

XRP Price and XRP Whale Activity

Even though the price of XRP fell today, on-chain data shows that XRP whales are still continuing to accumulate XRP. In the last few days, there has been an outflow of XRP from exchanges amounting to $155 million. 

These outflows are often taken as a sign that large investors see the potential for long-term profits and choose to keep their assets in private wallets rather than on exchanges.

XRP Price Drops, Trader Takes Short Position

Meanwhile, many traders took short positions against XRP, hoping to profit from the falling XRP price. 

Currently, the short position at the $2.85 level has reached $111 million, much larger than the long position which was only $14 million at the $2.50 level. 

This shows that the majority of traders expect XRP to continue experiencing selling pressure in the near future.

Read Also: Token Unlock XRP: Ripple Releases 400 Million Coins to the Market, What Does This Mean for Investors? 

Will XRP Price Drops to $1.9?

In terms of technical analysis, XRP has broken through an important support level. If the price of 

This downward trend is in line with the historical price movement pattern of XRP which often experiences large fluctuations in unstable market conditions.

So, with the dominance of traders taking short positions and market sentiment that tends to be bearish, XRP is still at risk of experiencing a further decline. 

However, large accumulations by whales could be an indication that there is potential for recovery in the long term.  

Read Also: XRP Price Analysis is Stable Even though the Crypto Market is Crashing 

FAQ XRP

What is XRP and what is its use?

XRP is a digital asset created by Ripple Labs and designed to facilitate cross-border payments. XRP blockchain technology enables transactions in just a few seconds with very low fees making it ideal for international money transfers and micropayments.

What is the Difference Between XRP and Other Cryptocurrencies Like Bitcoin?

XRP supports a cross-border payment system with a focus on speed and cost efficiency, different from Bitcoin which functions more as a store of value and investment tool. In addition, XRP uses a consensus mechanism that does not require mining so it is more energy efficient.

How much is 1 XRP USD?

Currently, 1 XRP is worth $2.42 according to Coinmarketcap. 

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Reference

Coinmarketcap, Will XRP Crash to $1.90? $111 Million Shorts Dominate, accessed February 4, 2025.

Coinmarketcap, Coinmarketcap XRP Currency, accessed February 4, 2025.

Author: IPR