Known for its rapid market movements, XRP experienced an unexpected drop in the cryptocurrency market, which caused fluctuations across the board. However, following this swift decline, popular crypto analyst EGRAG CRYPTO stepped in to reassure the XRP community, maintaining a target of $1.4.
Addressing the XRPArmy from the X social platform, EGRAG CRYPTO acknowledged the impact of the sudden drop. The analyst pointed out that such declines quickly clear out many long positions and emphasized the unpredictable nature of the crypto market.
The analyst warned of the significant losses that could result from using leverage in such transactions. Encouraging the community to remain resilient, the analyst reiterated his confidence that the path to the $1.4 target has not changed despite the recent market downturn.
According to the latest update, XRP’s price is at $0.6207, marking a 6.09% decline over the last 24 hours. The significant drop from $0.6628 to current levels is attributed to the overall sensitivity in the crypto market.
The upcoming U.S. Consumer Price Index (CPI) announcement and the Federal Reserve’s expected interest rate decision are increasing expectations of high volatility in cryptocurrency markets. The sudden collapse of XRP, especially in leveraged positions, sharply reminds traders of the inherent risks in crypto trading.