XRP Sees Unusual Downtrend Despite Positive Developments
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.
- 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.
- 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.
- Bitstamp unveiled an XRP lending service offering a “permanent” 2% yield after it relisted the crypto asset for trading last month.
- 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.
Hot Take:
Despite the current downtrend, the reintroduction of XRP on major exchanges and the launch of an XRP lending service could potentially boost its price in the future. Keep an eye on these developments as they may indicate a recovery for XRP.
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