Famous crypto analyst Austin Hilton recently analyzed the current downturn in the crypto market. According to Austin, XRP’s recent decline is not due to any inherent issue with the cryptocurrency itself but rather the result of a broader market downturn.
Broader Crypto Market Downturn
In a recent video analysis, Austin highlighted that the entire crypto market has experienced a significant drop, with Bitcoin losing over 4% and Ethereum down by nearly 5.7%. Austin attributed this decline to a massive selloff in Bitcoin within the last 36 hours, as well as inflation concerns in Europe.
Related: US CPI Data Shows A Slowdown In Inflation! Here’s How The Crypto Market Is Going To React – Coinpedia Fintech News
Inflation Concerns
Austin pointed out that an unusually large sell order of 16,000 Bitcoin, worth $467 million, was executed on the crypto exchange Binance, causing panic in the market. Furthermore, the UK’s March inflation figure came in at more than 10%, higher than expected, further fueling negative sentiment in the crypto space.
XRP’s Recent Downtrend: Is It Because Of The Lawsuit?
Austin emphasized that XRP’s recent downtrend is not related to any specific issue with Ripple or the ongoing SEC lawsuit in the United States. Instead, investors have been rushing to sell their assets, fearing further bad news.
Buy Low and HODL!
Despite the current bearish sentiment, Austin reminds his viewers that it’s during these red days that investors can lock in additional profits by buying low and holding onto their investments.
He encourages his audience to ask themselves if they believe XRP and other major cryptocurrencies like Bitcoin are not just merely some easy investment opportunities but rather revolutionary financial systems. If the answer is yes, then this could be an opportunity to buy the dip and potentially make profits when the market rebounds.
Source: https://coinpedia.org/altcoin/top-reasons-why-xrp-price-lost-all-its-monthly-gains/