As reported by CryptoPotato, Ripple (XRP) recently experienced a significant price drop, leading many to speculate whether this is an ideal ‘buy the dip’ opportunity or a warning of further correction. The cryptocurrency, which has been leading the gains in recent months, was not spared in the latest market crash, adding it to the list of the biggest losers on a 24-hour scale.
On February 3, XRP’s price sunk below $2 for the first time this year before climbing back to $2.40, indicating a substantial 15% daily decline. However, many pro-XRP analysts, such as the notable X user EGRAG CRYPTO, view this downturn as a golden opportunity for investment.
EGRAG CRYPTO, who accurately predicted the price drop, believes that $1.90 is the “last line of defense.” They further suggest that this current correction presents the perfect “buy the dip” opportunity, advising potential investors not to let fear deter them.
Another avid supporter of XRP, X user JackTheRippler, expressed his confidence in the currency by informing his 340,000 followers that he sold his house to acquire more of Ripple’s native token.
However, there are indications that the downturn may not be over. As noted by CryptoPotato, whales, or large investors, have sold off 130 million XRP (equivalent to over $310 million) in the last 24 hours. These actions could drastically affect the performance of the cryptocurrency, as a mass sell-off can push the price down, while accumulation can drive the price up.
It’s important to note that whales acquired billions of tokens at the start of January, which was followed by a spike in XRP’s price to as high as $3.39, nearly reaching its all-time high from seven years ago.
