XRP Drops to Zero on Poloniex
The price of XRP briefly dropped to zero on the Poloniex exchange before quickly rebounding. This incident occurred on Tuesday, with the token hitting a low of $0.0002 before recovering. Despite this momentary drop, XRP is currently trading around $0.4746, showing only a minor decrease of 0.42% in the last 24 hours. This is not the first time XRP has experienced a similar glitch, as it previously dropped to $0.0001 on Bitrue’s market. The cause of this drop is speculated to be a glitch or possibly related to planned maintenance on Poloniex.
XRP Price Analysis – XRP is Trending Sideways
Over the past five days, XRP has been trending sideways and experienced a 7.29% drop on July 4. Currently, the token is trading around $0.4741. The crypto community’s reaction to this token has been lukewarm, with the RSI indicating a neutral sentiment and the MACD histogram signaling a bearish sentiment. However, XRP remains a favorite asset among investors, with some still holding and buying more XRP tokens.
XRP Price Prediction – Short Term
The current price trends for XRP show a negative sentiment, possibly influenced by the Ripple vs. SEC delay. XRP attorney John Deaton assures holders that this delay is common. From a technical standpoint, there are no significant patterns indicating a breakout. To reach its 2023 high of $0.58, XRP would need to find support at $0.5560, which is 18% higher than its current level. Given the current volatility, investors may want to focus on crypto presales instead.
Hot Take
The brief drop of XRP to zero on Poloniex was likely a glitch or related to planned maintenance. While it caused a momentary panic, the token quickly rebounded. XRP’s price analysis shows a neutral sentiment, and its price prediction indicates a lack of significant patterns for a breakout. Despite this, XRP remains popular among investors, with some continuing to hold and buy more tokens.
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