XRP Tanks 21% to Retest $0.4, Challenging Analysts Bullish Forecasts of $1, $5

In the last 24 hours, XRP collapsed to a low of $0.4336 from the $0.6 range in the past week. Notably, the last time XRP was seen at $0.4336 was May 2023, particularly before the asset secured a legal victory against the U.S. securities regulator.

Since commencing the downtrend following the victory frenzy, the asset continued to establish lower lows, now sinking to thresholds last seen a year ago. Emphatically, XRP’s descent from $0.5483 to $0.4336 represents an approximately 21% price crash within the last 24 hours.

This significant price plummet followed Iran’s widely reported attack on Israel’s military base. Selling pressure surfaced as some market participants believed the event would spark nuclear warfare, prompting them to liquidate their Bitcoin holdings. Crypto investor Mike Alfred recently narrated the case of an investor who hastily sold his Bitcoin at $61,600 amid the reports of Iran’s attack, fearing a potential global nuclear warfare.

I know a guy who sold all his Bitcoin at $61,666 because Iran was apparently “very serious” about destroying Israel this time and that global nuclear warfare was “inevitable”. Now he’s in a state of panic as BTC has bounced back to $65,000 and he doesn’t know what to do. Scary.

— Mike Alfred (@mikealfred) April 13, 2024

While Bitcoin later tanked to the $60K threshold all the way from about $68K in the last 24 hours, the asset has rebounded to $65,000. However, Bitcoin’s response to the global conflict impacts the broader market, with assets like XRP taking a significant hit.

Interestingly, XRP’s latest retest of the $0.4 range further contradicts the bullish projections of analysts like Tylie Eric. He confidently predicted that XRP would rally 60% to $1 this month.

Eric made this assertion on March 29, giving a nine-day window for his prediction to come true. This assertion strongly implied that XRP was expected to reach $1 by April 7, a prediction that ultimately did not come to fruition.

Nevertheless, despite the optimism of other prominent analysts who project $5 and $10 targets for XRP during this bullish season, the asset has yet to show any signs of impressive movement.

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