Ripple (XRP) experienced a rapid price drop of 10% after a significant 30-day increase of 350%, pulling back from its peak level of $2.80.
As exchange outflows decrease, with a recent reduction of $2 billion in XRP outflows, the bullish sentiment for the cryptocurrency has weakened. This trend highlights the declining enthusiasm among investors, leading to a bearish market outlook.
The sentiment index for XRP plummeted from 6.75 to 0.035, indicating growing pessimism and uncertainty in the market, which could potentially drive the price below $2.
Trading volumes are lower, and a continuation of this trend could see XRP's value drop further, possibly to $1.90 or even $1.46 in a dire scenario. Conversely, if exchange outflows rise again, XRP might rebound to $2.90.
For up-to-date insights on the crypto market, refer to BeInCrypto's latest analysis.
