XRP Loses Gains Amid Instability and Weak Confidence
Over the past few weeks, XRP has erased all gains it gathered due to Ripple Labs’ partial victory in its lawsuit with the U.S. Securities and Exchange Commission (SEC), leading to speculations that the SEC-induced momentum may be over.
Main Breakdowns:
- XRP skyrocketed from $0.47 to over $0.82 after Judge Analisa Torres ruled that retail XRP sales did not constitute securities.
- It briefly surpassed BNB as the fourth-largest cryptocurrency by market cap, settling in as the fifth-largest.
- U.S. crypto exchanges relisted XRP, leading to increased interest and institutional inflows.
- XRP gained popularity for its fast transaction speed and low cost compared to Bitcoin, Ethereum, and Cardano.
- XRP’s value has tumbled to pre-SEC ruling levels, leading to a 20% crash in one week.
Hot Take: The recent decline in XRP’s value raises concerns about the sustainability of its SEC-induced momentum. Weak investors’ confidence and market instability continue to impact the cryptocurrency’s performance.
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