The cryptocurrency market has faced a significant price correction today, Tuesday, Feb. 25. Bitcoin (BTC) has dipped to the $87,000 price point. BTC last traded at this level in November 2024. The global crypto market cap has fallen 10.1% in the last 24 hours to $2.98 trillion. Ripple’s XRP token follows the market correction as well. XRP’s price has dipped 12.3% in the daily charts, 17.2% in the weekly charts, 13.7% in the 14-day charts, and 31.1% over the previous month. Despite the massive correction, XRP has rallied 292.9% since February 2024.
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Cryptocurrency Market Faces Major Hurdles
The crypto market has faced substantial barriers over the last few days. The Bybit exchange hack last Friday was the most significant attack on the industry. The exchange lost about $1.4 billion worth of crypto assets. Ripple’s XRP token and other assets took a big hit after the hack.
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The latest correction comes after BTC fell below $90,000. The decline was likely due to the US reimposing its tariffs on Canada and Mexico. The US stock market also witnessed massive outflows. Investor sentiment has taken a big toll as a result of the macroeconomic factor.
Should You Buy XRP During The Dip?
XRP had an incredible run over the last few months. In January, the asset breached the $3 mark for the first in nearly seven years. The climb was likely due to a spike in investor sentiment after a pro-crypto administration took power in the US. Many anticipate Ripple to win its lawsuit with the SEC.
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XRP may make a recovery over the coming weeks. If the market improves, XRP could easily reclaim the $3 mark. If Ripple wins its lawsuit with the SEC and if the SEC approves an XRP ETF, the asset could climb to a new all-time high.
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