XRP slumps below a key support level amid the broader market crash, but this drop has reduced the amount necessary to enter the top XRP rich list.
The global financial scene is witnessing a large-scale bloodbath due to President Donald Trump’s recent tariff announcement. Amid this widespread panic, the broader crypto market has slumped, losing $310 billion since April 5, with XRP also suffering an impact.
Particularly, XRP has collapsed by a massive 22.74% since Sunday, April 5, with a 12.73% drop this morning alone. This rapid price crash has resulted in a loss of about $27.1 billion in XRP’s valuation, with its market cap dropping below the $100 billion mark for the first time since it reclaimed it in November 2024.
Meanwhile, perhaps one of the most bearish developments amid this downtrend is that XRP has slumped below the pivotal $2 psychological support. While most analysts have suggested that losing this mark would lead to steeper declines, some have highlighted the silver lining.
Amount Needed to Enter XRP Top Rich List Amid Price Drop
Notably, with this drop, the cost of procuring XRP necessary to enter the coveted top rich list has drastically reduced. For context, data from the community-driven Rich List resource confirms that to enter the top 10%, an investor must hold at least 2,500 XRP.
At the time XRP price soared to the $3.4 peak in mid-January, the investor would have spent $8,500 to amass these tokens. However, at the $2 price, this would require $5,000. Now, with XRP currently trading for $1.68, to amass the same 2,500 tokens would demand a capital of $4,200, less than half the $8,500 price tag.
Meanwhile, data shows that to enter the top 5% XRP rich list, a market participant must hold at least 9,000 XRP, worth $30,600 when XRP traded for $3.4. Interestingly, at the current price, the cost of accumulating these 9,000 XRP tokens has dropped by $15,480 to $15,120.
Further, those who wish to be part of the top 1% on the XRP rich list would need to possess 51,861 XRP tokens or above. At the $3.4 yearly peak, these tokens cost $176,327. However, as XRP has collapsed to $1.68, these tokens are now worth $87,126, a discount of over $89,000.
Optimism in a Bloodbath
Due to the massive discount for XRP prices that has emerged from the recent downturn, some traders are already looking to fill their bags. The Crypto Basic confirmed this morning that despite large selling activity from Korean traders, some traders on Binance and Coinbase placed buy orders at low price such as $1.9 and $1.85.
This buying spree is a result of optimism around XRP’s potential to recover. Market experts like Oscar Ramos continue to champion the “buy the dip” narrative. Interestingly, most recently, analyst EGRAG suggested that XRP is still in a bull run, anticipating a 1,000% or 2,700% upsurge from current levels.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
