Ripple Labs-backed XRP experienced a significant price drop, declining more than 11% within a single day. This slide brought XRP's value down to a critical support level of approximately 54 cents.
The decline follows Ripple's announcement to unlock 1 billion XRP on May 1st, creating market uncertainty. Many speculate this large-scale release could further push XRP prices down as investors react to the potential influx of supply.
XRP's market performance is closely watched due to its large-cap status, with a fully diluted valuation standing at approximately $54 billion. Investors remain cautious amidst these developments, leading to heightened volatility in XRP's price movements.
Though XRP showed signals of a possible bullish trend earlier, this recent development has shifted sentiment, affecting its potential macro bullish breakout.
