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Although the cryptocurrency market started the first day of the new week with a relatively flat trend, XRP, which recorded an average loss of 2.5% in the last 24 hours, declined to $0.61 price levels. With these declines, XRP ranked among the cryptocurrencies with the highest percentage of losses of the day, according to CoinMarketCap (CMC) data.
Did the Trend Reverse in XRP?
As the cryptocurrency market has been showing a downward trend in recent weeks, the leading cryptocurrency Bitcoin (BTC) also started consolidating at around $29,000 after dropping below the $30,000 level earlier last week. Most cryptocurrencies with high market value experienced varying degrees of losses during this period.
The total market value of the cryptocurrency ecosystem, which reached $1.26 trillion levels in July according to CoinMarketCap (CMC) data, declined to $1.16 trillion due to the recent losses.
Following the XRP decision in the Ripple case, XRP, which experienced a strong rally in mid-July, reversed its direction due to the impact of this downward trend in the market and accelerated its losses.
Will the Rallies Continue?
Following the announcement of the decision after the US judge ruled that Ripple’s XRP sales did not constitute an investment contract on July 13, the cryptocurrency market experienced a strong rally and XRP rose from $0.47 to $0.93 within hours. With this decision in the Ripple case and the strong upward momentum in the cryptocurrency market that followed, XRP started a strong rally in mid-July and made its mark on the market with its gains.
In mid-July, many analysts suggested that if the rallies continued, XRP could reach $1 price levels in the near future. However, with the market turning downward again, the trend reversed in XRP. XRP declined to $0.61 price levels, losing an average of 12% in the past week and 2.5% in the last 24 hours.
