Ever since the SEC lawsuit that hit Ripple company, XRP’s price began falling and wiped out all gains made throughout the crypto bull run post-COVID-19. This event created fear among holders of XRP tokens, who believed in the future of frictionless money transfer, competing against SWIFT, and hitting mass markets. Should people dump their XRPs or on the contrary, buy more and lower their average holding price?
XRP Price – Back to its original support area
Since the very early days of XRP, there was a strong consolidation in prices of around USD 17 cents. When the cryptocurrency market started moving upwards in tandem with the Bitcoin bull of 2017, XRP prices lagged behind for a couple of weeks, before exploding upwards, breaking the USD 20 cents barrier.
The price reached USD 3 on most exchanges, before collapsing with the whole cryptocurrency market back to the USD 20-30 cents price range. Since then, the price barely made any significant moves outside that range.
In 2020, the price was set for an exploding uptrend. XRP lagged again this year and started its uptrend a couple of weeks late, but made 3x gains for traders who bought around the USD 20 cents price.
Everything was perfect, except for that SEC lawsuit that hit last week the company Ripple, for allegedly selling securities without a proper license to do so. Prices fell since then 75% wiping out all gains made in 2020’s bullrun.
Currently, XRP is trading around USD 21 cents, recovering from its previous low of USD 17 cents. Its market cap (USD 9.6 billion) is at risk of being surpassed by Litecoin (USD 8.2 billion).
The whole cryptocurrency market
Despite the 75% price decrease of XRP, the cryptocurrency market as a whole was mostly up, with the other Top 10 coins making significant price jumps in the past 7 days:
1- Bitcoin (BTC) :+ 17.37 %
2- Ether (ETH) : + 18.67 %
3- Tether (USDT) : 0 %
4- Ripple (XRP) : – 35.61 %
5- Litecoin (LTC): + 14.05 %
6- Bitcoin Cash (BCH) : + 15.39 %
9- Polkadot (DOT) : + 44.37 % (Surpassing Cardano and Binance Coin)
7- Cardano (ADA) : + 18.83 %
8- Binance Coin (BNB): + 13.08 %
10- Chainlink (LINK) : – 5.49 %
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