XRP Takes A Hit Amidst Unfavorable Crypto Market Conditions

Although the whole cryptocurrency market has been experiencing adverse trends lately, XRP has recently had a steady uptrend. Notably, the continuing dispute between its parent firm Ripple and the Securities Exchange Commission has boosted the asset.

Nevertheless, the coin is currently under constant selling pressure and lost roughly $790 million in market value in only one day. As of November 28, XRP’s market cap was $19.29 billion, per CoinMarketCap.

The asset’s price, which has dropped by roughly 5% to trade at $0.38 as of press time, reflects the selling pressure. XRP has seen a decrease of approximately 7% in 24 hours. Despite the recent short-term losses, it has increased by 8% on a weekly chart basis.

Although the declining price of XRP can be attributed to the current state of the market. There is also a chance that investors are also cashing in on the asset’s recent upswing. It should be noted that the correction has dashed the XRP community’s hopes for the asset to reclaim the $0.50 level.

Additionally, the $0.38 level has served as a crucial resistance area, and breaking through it might trigger a price correction. Overall, the token will likely correct to $0.35 if the bears gain more control over XRP.

Related Reading | Alameda Research Pulls Out $204M Before FTX Collapse

Additionally, continuing SEC action will be looked to for support as the XRP and the broader crypto market strive to recover from the collapse of the FTX crypto exchange. When Ripple achieves tiny victories in the lawsuit, XRP typically experiences a price increase in recent months.

It’s also believed that both sides would try to reach a resolution as the lawsuit draws to a close. If Ripple wins, XRP will surge and have an impact on the market as a whole.

Comments (No)

Leave a Reply