XRP Drops Today: Heading for a New All Time High (ATH)? Here's the analysis!

Bittime - XRP price fell due to significant selling pressure. Is this a sign of a new record high (ATH)? Check out the complete analysis in this article.

This digital asset developed by Ripple recorded a sharp decline. This price movement raises a question among investors: is this just a temporary correction before a rally to new highs? 

This article will discuss the historical pattern of XRP price movements, the potential increase to $4 (around IDR 65,200), as well as the latest developments regarding the XRP ETF which could be a catalyst for future price growth.

Historical Pattern: XRP Drops Before Soaring

History shows that XRP often experiences price drops before experiencing significant spikes. In 2017, for example, XRP corrected up to 68% before finally reaching its all-time high.

A similar situation occurred recently. The price of In 24 hours, the value of XRP fell by 15%. 

Analysts believe that this pattern indicates XRP is forming a bottom before resuming a stronger upward trend.

Read also: XRP Price Drops, Will It Slump to $1.9 Level?

XRP Price Analysis, Is it Heading to $4?

A number of analysts are optimistic about XRP price movements in the near future. Zach Rector, a leading crypto analyst, highlighted that XRP had previously fallen below $2 (around Rp. 32,600) three times before surging to $3.40 (around Rp. 55,420). 

Based on this pattern, Rector estimates that XRP could recover soon and surpass $4 (around Rp. 65,200).

Other analysts also compared the current situation with price movements in 2017. At that time, despite experiencing several corrections, XRP finally set a new record high. 

If this pattern repeats itself, then the chances of XRP heading towards the $4 level in the near future are quite large.

New Chapter ETF XRP

Interest in XRP-based ETFs is growing. Currently, there are nine XRP ETF applications that are in the process of being evaluated by the US Securities and Exchange Commission (SEC). 

Several large investment companies such as Bitwise, WisdomTree, Grayscale, and CoinShares also submitted applications.

If an XRP ETF gets approval, the impact could be similar to the approval of a spot Bitcoin ETF in January 2024 that managed to boost the overall crypto market. 

XRP supporters believe that the presence of ETFs will pave the way for the entry of large institutional investments, which could ultimately increase the price of XRP.

Read also: The US Trade War and Its Impact On Bitcoin, XRP, and ETH

Conclusion

The recent drop in XRP prices is not a new phenomenon. Historically, this crypto asset often experiences corrections before continuing a significant increase. 

Given the interest in XRP ETFs and market optimism, many analysts predict that XRP could recover soon and potentially reach new highs.

Investors are advised to continue monitoring regulatory developments and market news before making investment decisions. As always, do thorough research and consider the risks involved.

FAQ

1. Why is the price of XRP down?

The decline in XRP prices was caused by market volatility as well as selling by traders, which is part of the natural dynamics in the crypto market.

2. Can XRP reach $4 price?

Based on historical patterns and technical analysis, some analysts predict that XRP has the potential to reach or even exceed the price of $4 (around Rp. 65,200) in the near future.

3. What is an XRP ETF?

An XRP ETF is an investment product that allows investors to gain exposure to XRP without having to own the asset directly. ETF approval could increase XRP's legitimacy and attract institutional investment.

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Reference 

coinmarketcap, XRP Coinmarketcap, accessed February 5, 2025.

The Coin Republic, Will This Be the Last Major Dip Before XRP Price New All-Time High?, accessed February 5, 2025.

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