It seems today will prove to be another terrible day for cryptocurrency trading. Especially the holders of Bitcoin and altcoins will not want to look at their portfolios too much. Fans of the XRP price will have noticed the momentum is slowly turning against this digital asset again. After hitting $1.6 over the weekend, the XRP price is now heading back to $1.25 and perhaps lower. The cryptocurrency markets are under a lot of pressure right now, that much is evident.

Another bad day for XRP Price Speculators

Any cryptocurrency-related gains recorded over the weekend have been all but wiped out during the first half of Monday. None of the top cryptocurrencies is even remotely close to scoring any significant profit. The average loss in percentile is close to 6.5% right now. In the case of the XRP price, the drop is a bit steeper, as the value dipped by 9.42% over the past 24 hours. For those who assumed the markets would recover again, it seems we have hit another major roadblock.

Just this weekend, it seemed all markets would finally recover a bit. Even the Bitcoin price hit $13,000 at one point, although the joyful period was rather short-lived. For the XRP, surging past $1.5 was considered to be a strong sign of recovery. Nothing could be further from the truth, however, as the value hasn’t remained stable whatsoever. In fact, we are now heading toward an XRP price of $1.25 in the coming hours. Depending on how the markets evolve, the price may go a lot lower than that as well.

It is a bit unclear as to what triggers this new massive sell-off in the cryptocurrency market. Compared to the weekend, almost $90bn has been removed from the total market cap. This happened last week as well. That particular move pushed the XRP down all the way to $0.98. It is not impossible we will see history repeat itself so soon. For XRP holders, that would not be a positive turn of events, but it is only normal in this bearish market.

Furthermore, it seems all markets suddenly have far less trading volume. Over the weekend, we had an average of $35bn, which is more than respectable. Right now, the markets combine for a total of $27.4bn. Close to $1.72bn of that amount comes from XRP trading. It’s not the worst daily trading volume we have seen for this digital asset, but it does indicate the entire cryptocurrency industry has become a lot less appealing all of a sudden.

With most of XRP’s trading volume originating from Korean exchanges, it’s not hard to see why there is little fresh capital entering the industry right now. The only exception in the entire top five for XRP is Bitfinex’s USD market, which generated $136.2m in the past 24 hours. Almost 55% of all trades come from Korea, which has no impact on the global average XRP price whatsoever. It is evident we need more fiat gateways in USD and EUR for digital assets and cryptocurrencies in the near future.

If anyone has a crystal ball, they would perhaps be able to make an accurate XRP price prediction. Without such a tool, it is impossible to tell what will happen to the markets in the next few days. Right now, it seems we will hit a total market cap of $500bn or lower sooner than we can get back to $600bn. Given how this cycle occurs every year around the same time, there is nothing to be even remotely concerned about just yet. By March or April, things should hopefully return to normal.