XRP Drops 42% ― Is This the Best Time to Buy?

XRP fell from a monthly high of $3.0710 to $1.7738, but it has since rebounded by over 35%, trading at $2.3995 at press time. Despite the recovery, fears of further declines led whales to sell over 130 million XRP.

Analyst Dom believes the recent crash could mark a generational bottom for XRP. He pointed to past corrections, such as the 70% drop after the SEC lawsuit in December 2020 and the 55% decline during the COVID-19 pandemic in early 2020. Both events were followed by significant rebounds.

Community member XRPBags also noted similarities to the 2017 market, when XRP saw massive corrections of 60% and 73% before surging to new highs. These historical patterns have fueled optimism that XRP could soon stage a major recovery.

Adding to the bullish outlook, influencer Amonyx predicts a “legendary bounce” for XRP and other altcoins. He compared the current market to 2017, when the total market cap of cryptocurrencies excluding Bitcoin and Ethereum surged from an accumulation zone to a peak of $360 billion.

While the crypto market remains volatile, many believe XRP’s recent lows could be a rare buying opportunity. As of now, XRP is down 6% in the past 24 hours, but analysts remain hopeful for a strong comeback.