💵 NewsBTC Analytics: Bearish Sentiment Grips $XRP Market

Further contributing to the price decline were signs of dwindling investor interest in XRP. On-chain data revealed a decrease in activity related to its derivatives, suggesting a potential drop in investor confidence.

Additionally, data from Coinglass showed a decrease in open interest for XRP futures contracts, alongside liquidations exceeding over $280,000 within a single day. These indicators collectively paint a picture of a bearish market sentiment surrounding the digital asset.

The recent price drop undoubtedly makes the $1 target for XRP in April seem less attainable. However, dismissing the possibility entirely might be premature. The cryptocurrency market is known for its volatility, and unforeseen events could trigger a rapid price increase for the coin.

Moreover, some analysts retain their optimistic outlook, believing that the bullish sentiment surrounding the token, coupled with the potential tailwinds from the Bitcoin halving, could still propel XRP towards the coveted $1 mark.