- XRP has sunk 20% in the last week.
- Polymarket bettors are losing faith in XRP’s short-term prospects.
- The fallout from Trump’s tariff blitz continues to roil markets.
XRP’s price has already dropped 20% in April, but the worst is yet to come.
That’s according to bettors on crypto-betting platform Polymarket who give the Ripple-linked cryptocurrency a 65% chance of falling to $1.50 before the end of the month. XRP currently trades at $1.79.
Tellingly, punters have lost faith in the token, having given it a 21% chance of slipping to $1.50 only a week ago.
The bets come as the total market value has dipped 10% in the last 24 hours, representing a loss of $243 billion, as US President Donald Trump’s sweeping tariffs continue to spook traders.
Industry watchers are pessimistic that the market will recover anytime soon.
“There are no apparent near-term positive catalysts for crypto that would justify a decoupling from the grim macro situation,” Carlos Guzman, analyst at crypto-trading platform GSR, told DL News.
“Markets are likely to remain turbulent in the coming weeks and months as the tariff situation continues to develop, and so far it appears to be escalating into a full on trade war.”
XRP’s drop
Bettors have taken notice.
In the last 24 hours, the chances of XRP finishing April on a positive note halved from 53% to 25%.
Also, bettors have given the cryptocurrency only a 1% chance of setting a new price record for the year this month.
XRP has fared worse than Bitcoin so far in April. It is down almost 14% so far this month, compared to Bitcoin’s 5.3% drop.
The fall caps months of growth that doubled the Ripple-linked cryptocurrency’s value.
Several factors spurred the surge. They included news like the Securities and Exchange Commission potentially approving spot XRP exchange-traded funds, the agency dropping its lawsuit against Ripple, and Trump promising to relax crypto laws.
Yet, speculative hype has ebbed away, and many investors are left with huge losses.
Last week, analysts at crypto data platform Glassnode said that XRP’s price risked further declines in the absence of a new narrative to attract buyers’ interest.
Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Got a tip? Please contact him at osato@dlnews.com.
