DailyCoin
Published May 24, 2021 08:06AM ET
Updated May 24, 2021 08:30AM ET
How XRP Defined the Market Dip
Ripple, the San-Francisco-based company inked a partnership with the National Bank of Egypt, one which the company announced on Wednesday. That being the case, everyone was excited about the future as well as the success of the XRP Token.
Unfortunately for everyone, XRP fell from its recent high of $1.70 all the way down to $0.68 on Sunday, May the 23rd, which led to a decrease of 60% in value. The coin trades at around $0.88 at the time of publishing.
This is a short-term market dip and is a clear showcase of how volatile the cryptocurrency market can actually be.
Let’s look at this month’s history of XRP to see how it dipped.
However, XRPs recent dip defined how volatile the cryptocurrency market is, and how risky investing in any currency is.
On the Flipside
For now, we can look at XRP as a prime example of a dip, and investors who opt-in to take a risk and purchase the currency now could potentially, in the long-term, get a hefty profit out of it.
Did the value drop due to the partnership with the National Bank of Egypt? Probably now many coins have dipped in value as of recently as well due to a variety of different reasons, only time will show how far the cryptocurrency will drop in value throughout the following month.
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Written By: DailyCoin
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