XRP suffers a sharp drop: US$ 7 billion evaporates in 24 hours

• XRP loses $7 billion.
• Sudden market drop.
• XRP price dropped by 7%.

Ripple’s native cryptocurrency, XRP, has seen a dramatic drop in its market cap over the past 24 hours. In that time, the token has lost a staggering $7 billion, a sharp move that has erased all of the week’s gains and left investors on alert.

The price of XRP today plummeted in tandem with the market of cryptocurrencies in general. However, Ripple's token attracted attention after recording one of the biggest losses among all crypto assets.

At the time of publication, the price of XRP was quoted at $2,18, up 6.9% in the last 24 hours. The asset has seen a depreciation of almost 9% in the last seven days.

Amid the scenario, XRP’s market cap fell from approximately $137 billion to $129,81 billion, a decline of $7,19 billion, according to market data. The drop led to the token’s price falling from a daily high of $2,37 to $2,16 today.

XRP Crash Alert: Veteran Trader Predicts Pullback to $1

While some are eyeing a surge in XRP towards the $3 mark, a recent warning has resonated in the community: veteran trader Peter Brandt predict a possible drop in the asset's price to $1,07. The analyst based his on the formation of a classic Head and Shoulders (HS) pattern on the XRP chart, a strong bearish signal.

Amid this scenario, expert Brandt noted in his technical analysis that XRP has been oscillating in a price range between $1,90 and $3. However, the formation of the HS pattern is suggesting a potential reversal of the bullish trend to a bearish trend for the cryptocurrency.

If XRP’s price falls below the $1,90 level, Brandt’s bearish prediction could come true, taking the asset to $1,07. However, the forecast could be invalidated if XRP breaks above the $3 resistance. It is worth noting that the $2 price zone remains the most critical support level for XRP, as noted by another renowned crypto analyst, Ali Martinez.