Ripple’s XRP token fell to a low of $1.20 during a market crash before recovering from a plunge to $1.14. The altcoin is currently trading at a yearly low, with concerns it may drop below $1. This decline occurred alongside a Bitcoin crash to $63,800, which resulted in significant losses for major holders like Michael Saylor‘s MicroStrategy. Market analysts are assessing whether XRP can regain momentum in June amid ongoing global economic uncertainty.
A market crash sent Ripple‘s native token XRP to a low of $1.20 before it recovered from a plunge to $1.14. The leading altcoin is now trading at its yearly low, with fears remaining high that a dip below the $1 range is possible. This comes after Bitcoin crashed to $63,800 once again, with top BTC holders like Michael Saylor‘s MicroStrategy suffering billions in losses.
Now that the market remains under bearish pressure, the question is whether XRP can regain its lost momentum. The global market is also yet to recover from an oil market shock, adding to the turbulence. Market analysts are examining whether investors should take an entry position in Ripple‘s token or avoid it.
Leading on-chain metrics and price prediction firm CoinCodex has predicted a bearish picture for XRP. According to their price prediction, Ripple‘s altcoin could barely see a price spurt this month and remain trading sideways. The latest forecast estimates the token will reach a maximum high of only $1.25.
Therefore, XRP might not have much room to initiate a sell-off, as the profit margin is narrow. Global economic cues do not support a rally, with the US divided over the Iran conflict. Lawmakers from Democrats and a few Republicans passed a resolution to halt the Iran war, a move seen as a rebuke to former President Donald Trump.
While this resolution is a positive signal, Trump has yet to officially announce the end of the war. Peace talks failed with both countries disagreeing on several aspects of a deal. If Trump fails to heed the resolution, global markets, including XRP and Bitcoin, will remain affected for longer.
