Ripple (XRP) Price Sinks 25% Since Historic SEC Win as Hype Slows Down

In the midst of a lackluster price movement across the wider cryptocurrency market, XRP experienced an unusual downward trend.

The cryptocurrency recently became the fifth-largest crypto by market cap owing to Ripple’s partial but impressive win against the US Securities and Exchange Commission (SEC).

The asset even briefly surpassed BNB as the fourth-largest last month. After posting double-digit gains for quite some time, the bulls appear to have entered a phase of exhaustion.

  • The latest data suggest that XRP lost nearly 10% of its value in the last week and was currently trading at $0.66. The downtrend has been gradual since hitting a yearly high above $0.92 in mid-July. It’s down over 25% since then.
  • Traders are dumping their XRP holdings, and experts suggest that the trend could potentially extend further downside action near $0.55.
  • While the recent ruling in SEC v. Ripple Labs has been rightfully hailed as a huge step forward for the crypto sector, there has been significant development on the blockchain firm’s expansion front that could boost XRP’s price.
  • Crypto trading platform Bitstamp, for one, unveiled an XRP lending service offering a “permanent” 2% yield after it relisted the crypto asset for trading last month.
  • In addition to Bitstamp, several major exchanges, such as Coinbase, Kraken, and Crypto.com, have reintroduced XRP to their platforms.
  • The rush to make XRP available again to US users could act as a bullish catalyst to trigger a recovery.
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

You Might Also Like:


.custom-author-info{ border-top:none; margin:0px; margin-bottom:25px; background: #f1f1f1; } .custom-author-info .author-title{ margin-top:0px; color:#3b3b3b; background:#fed319; padding:5px 15px; font-size: 20px; } .author-info .author-avatar { margin: 0px 25px 0px 15px; } .custom-author-info .author-avatar img{ border-radius: 50%; border: 2px solid #d0c9c9; padding: 3px; }

The post appeared first on CryptoPotato

Buy Bitcoin with Credit Card

BitMex Leverage Trading

Automated Trading Bot

Related Posts

Leave a Reply

Bitcoin (BTC) $ 97,230.05 3.67%
Ethereum (ETH) $ 3,321.26 7.44%
Tether (USDT) $ 1.00 0.17%
Solana (SOL) $ 249.86 6.63%
BNB (BNB) $ 621.84 2.07%
XRP (XRP) $ 1.11 1.41%
Dogecoin (DOGE) $ 0.383997 1.07%
USDC (USDC) $ 1.00 0.13%
Lido Staked Ether (STETH) $ 3,322.94 7.39%
Cardano (ADA) $ 0.787639 4.64%