• Ripple (XRP) has experienced an unusual downward trend despite the wider cryptocurrency market’s lackluster price movement.
• XRP lost nearly 10% of its value in the last week and was currently trading at $0.66, down over 25% since hitting a yearly high above $0.92 in mid-July.
• Despite this decline, several major exchanges have relisted XRP for trading with new services such as “permanent” 2% yield lending service being offered.
Ripple (XRP) Price Sinks 25% Since Historic SEC Win
Ripple (XRP) has experienced an unusual downward trend despite the wider cryptocurrency market’s lackluster price movement. Despite the decline, XRP was still up by more than 80% in the past year and briefly surpassed BNB as the fourth-largest last month due to Ripple’s partial but impressive win against the US Securities and Exchange Commission (SEC).
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 and traders are dumping their XRP holdings, with experts suggesting that it could potentially extend further downside action near $0.55.
SEC v Ripple Labs Ruling
The recent ruling in SEC v Ripple Labs has been rightfully hailed as a huge step forward for the crypto sector, with significant development on the blockchain firm’s expansion front that could boost XRP’s price..
Relisting and Services Offered
Crypto trading platform Bitstamp 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 also relisted XRP for trading recently which may provide support to its depressed prices going forward .
Although Ripple’s (XRP) recent performance is not indicative of any long term positive sentiment towards it’s future growth prospects, however with various services being offered by major exchanges along with favorable rulings from SEC there is ample scope of improvement over time .