XRP Crashes 20% in the Last Week: Reasons and Analysis
In the midst of a cryptocurrency market dip, XRP has experienced a significant decline, losing over 13% in a single day and nearly 20% over the past week. The crash can be attributed to multiple factors:
- Coin Market Cap Loss: XRP has lost $4 billion from its market capitalization, dropping from $31.05 billion to $26.67 billion.
- Court Case with SEC: The crash coincides with a court ruling granting the SEC’s request to file an interlocutory appeal in the case against Ripple, causing fear and uncertainty in the industry.
- Impact of Judge’s Ruling: Despite a previous win for Ripple, with Judge Analisa Torres ruling that XRP sales did not constitute securities sales, the recent drop has erased most of the gains from that victory.
Currently, XRP is trading at $0.5053, representing a decline of 13.51% in the last 24 hours, 19.90% over the past week, and 35.29% on its monthly chart. However, there is hope for a recovery as XRP closed above its 200-period simple moving average, indicating a bullish sign according to some analysts.
Remember, investing in cryptocurrency is speculative and carries risks. This information should not be considered investment advice.
Source: Finbold
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