Over the weekend, there was a major correction in the cryptocurrency market. Bitcoin (BTC), which briefly fell below $58,000 in value, was also down 1.9% on the market cap to $2.13 Trillion.
This price prediction is based on the current trend of the market. Ripple’s token XRP has dropped 1.4% daily, 7.5% weekly, 4.1% 14-day, and 3.6% in the past month. This price prediction article We will examine why the markets are in a slump, and see how high Ripple’s XRP Token can rise this week.
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Why is the crypto market down?
Stablecoins – Flow of Funds
A significant amount of money has been transferred from traditional cryptos to stablecoins. The movement of funds indicates investors’ lack of confidence in the rallying market. They may also be expecting a price drop. Ripple’s XRP is a victim of the lack of investor confidence.
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The Impact of US Job Data
Participants in the market are also watching for US jobs numbers due later this week. They could explain further the Federal Reserve’s position on rate reductions this month. Fed said it would cut interest rates in September. The jobs figures may give investors more confidence.
Weekly XRP Price Prediction
CoinCodex Analysis
The analysts of CoinCodex predict that Ripple’s token XRP will reach $0.74 in 2024. A rally of 34.55% would be required to reach $0.74 at current levels. The platform predicts that XRP will not hold its price above $0.70. It expects a correction to return to under $0.60 at the end of this month.
Changelly Analysis
Researchers at Changelly also predict a similar result for Ripple’s XRP in September. Platform predicts that the asset’s value will reach $0.75 by Sept. 5, 2020.
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Changelly predicts that XRP will not remain at $0.70 forever, and is expecting a fall to under $0.60 before the end of September.
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Source: watcher.guru