“The likelihood is a lot of investors piled in during the rush only to sell when the price started to drop.”Others seemed to take on the same thought process of Newton including the managing director at the crypto-to-crypto platform Amulet, Marouane Garcon has added:
“With a lower barrier of entry you have a great deal of malleable people with access to the market. They will enter and exit based off mere influence.”The co-founder and CEO of the cryptocurrency platform data platform CryptoCompare, Charles Hayter believes that when traders began to buy, others involved in the market followed which started a substantial investment activity.An expected reactionAs XRP prices dropped significantly in such a short space of time, analysts have said that this is an expected reaction. The crypto token seems to have enjoyed its quick bull run yet it isn’t surprising.“It is not surprising to see such a sell off.” Says the chief marketing officer at the cryptocurrency data provider Svandis, Chris McClure. Recent XRP price won’t continueAt least that is according to the CEO of BitBull Capital, Joe DiPasquale who had this to say on the matter:
“XRP’s high last week was largely off the back of a major announcement and did not appear to be sustainable. As with other asset classes, when XRP jumped as much as it did, it was only a matter of time until profit takers sold off their holding to claim the upwards of 80% gained in just a matter of days.”References:Forbes