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.

The post Ripple (XRP) Price Sinks 25% Since Historic SEC Win as Hype Slows Down appeared first on CryptoPotato.

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Filed under: Bitcoin - @ August 4, 2023 2:26 pm