With all of the cryptocurrency markets in the red once again, there isn’t much to be excited about as of right now.  In fact, it is difficult to find any market,  which has lost less than 20% of its value in the past 24 hours. Especially when it comes to the XRP price, things are looking absolutely dreadful for now. More specifically, the XRP price has dropped by another 31.04%, pushing the value down to $0.74. It is evident this massive market correction may not even be over just yet.

XRP Price Hits a Massive Snag

It is safe to say all cryptocurrency markets have seen a major correction over the past few days. More specifically, we have seen so many currencies drop in value over the past few weeks, and things won’t improve anytime soon whatsoever. This major drop in Bitcoin and XRP price was bound to happen sooner or later, as the market has seen massive growth throughout 2017. All good things must eventually come to an end, and the XRP price is no exception in this regard.

More specifically, the XRP price hit $3.2 not that long ago. People assumed that owed be the start of bigger and better things, but that is not the case whatsoever. Instead,  we have seen a slow and steady price drop ever since that time. With the XRP price dropping below $3, and then below $1.5, it quickly became evident reaching the all-time high again would not be all that easy.

Over the past 24 hours alone, we have seen the XRP price drop by another 31.04%. It is evident this is mainly due to Bitcoin losing over 15% in value overnight as well, but there is also a steady decline in the XRP/BTC ratio right now. To put that latter part into perspective, the XRP/BTC ratio declined by as much as 19.15% as well. When Bitcoin loses value in spectacular fashion, it is only normal all other cryptocurrencies will follow automatically. There is no way to prevent this type of momentum, unfortunately.

With $1.9bn in 24-hour trading volume, the demand for XRP is certainly there. Right now, it seems there is a growing demand to sell XRP rather than buy it, but things can always turn around in the world of cryptocurrency and digital assets. Any massive decline in XRP price today can quickly result in massive profits six to twelve months from now. For new people looking to enter the world of cryptocurrency and digital assets, the current prices present an interesting buying opportunity.

Bithumb is once again the leading exchange for XRP trading volume. Considering how they generate over 35% of all trades as of right now, it has become rather evident this particular platform is worth keeping an eye on. Upbit is in second place, followed by Bitfinex and Coinone. Bitbank completes the top five, which also, means we have five fiat currency pairs in the top five for XRP. Whether or not this means a price reversal will occur soon, remains to be determined.

For the time being, it remains to be seen what the future will hold for XRP. With the current negative XRP price momentum, it is evident there will be some major volatility to contend with in the coming hours and days. Especially with the weekend almost upon us, things can easily go from bad to worse in quick succession. Whether or not the XRP price will continue to drop during that period, remains to be seen. It is evident there is a good chance XRP will hit $0.70 and potentially lower. Should Bitcoin suddenly decide to reverse its trend, we may see an XRP price of $1 sooner rather than later. It is unclear what the future holds, as everything is possible as of right now.