• XRP price has declined by nearly 3% in the past 24 hours, with its drop to $0.510528 also marking 27% decline in the last 30 days.
• XRP remains up by 50% since the beginning of the year as a result of Ripple’s partial win in its case with the SEC, while the fact that the coin has defended its $0.51 support level implies that it may have bottomed.
• US-based exchanges continue to list XRP and Ripple is expanding its business more confidently now than it did prior to the ruling.
XRP Price Declines
The XRP price has declined by nearly 3% in the past 24 hours, with its drop to $0.510528 also marking 27% decline in the last 30 days. This decline comes amid a difficult time for the cryptocurrency market, which has declined by 11% in the past month following macroeconomic fears and concerns over recent Bitcoin ETF applications.
XRP Remains Up
Despite this downturn, XRP remains up by 50% since the beginning of 2020 as a result of Ripple’s partial win in its case with the SEC. The fact that XRP has defended its $0.51 support level implies that it may have bottomed out and can be expected to recover soon – although it may need some time before this happens on a sustained basis due to technical indicators such as RSI and moving averages not yet having bottomed out themselves.
Why Has XRP Fallen?
XRP’s losses may partly be attributed to buyers who jumped on board after Ripple’s victory in July then selling quickly when they saw losses – hence why it has fallen more than many other coins recently despite positive fundamentals remaining intact surrounding it.
Exchanges Continue To List XRP
Despite things like attempts from regulators like SEC filing an interlocutory appeal and part of their case going to trial (on whether Ripple execs were responsible for knowingly selling securities), US-based exchanges are still listing XRP – indicating their continued confidence towards them despite these events occurring.. Moreover, Ripple continues to expand its business more confidently now than it did prior to their legal victory earlier this year, signing partnerships with Republic of Palau recently being one example of this growth..
Conclusion
Overall, while current market conditions make for a difficult picture short-term, long-term trends remain very positive for XRP holders due to fundamental events such as Ripple’s legal victory earlier this year leading investors continuing confidence towards them even amidst headwinds like regulatory scrutiny or macroeconomic uncertainty . As such, buying into dips at present could potentially lead investors significant gains if prices do indeed recover soon as expected