As $XRP continues to show mixed price action amid the recurring crypto market downturn, it appears that traders are beginning to lose confidence in its price potential.
Latest data from crypto prediction market Kalshi has shown traders betting on a 59% chance of $XRP dropping further below the $1 mark as market uncertainty continues.
With the bets sitting at about 59%, it implies crypto traders on the platform see the outcome of $XRP plunging below $1 this year as more likely than not.
It is important to note that the traders placing the bets did not predict $XRP's potential price with certainty. However, the predictions showcase the collective expectations of traders willing to risk capital on the outcome, suggesting that traders are increasingly losing confidence in the asset.
$XRP in July breaks bearish trend
$XRP has continued to slip in and out of the bullish price zone, as its price struggles to retain positive momentum amid consistent market volatility.
This price inconsistency has seen $XRP post several months of consistent losses despite frequent expectations of a potential price breakout.
Nonetheless, $XRP has delivered more positive price moves this month, as historic data from CryptoRank shows that the asset is up 5.6% so far this month, recovering from a six-month low of $1.01 after briefly touching $1.17 a few days ago.
While July has often proved to be a positive month for the crypto market, $XRP has met the expectations of traders, delivering a decent gain of about 6% this month while extending a seven-year streak of steady positive July returns.