XRP, which gained strong momentum in mid-July, has experienced a significant reversal in trend along with the value losses recorded in recent weeks. XRP, which recorded a value loss of nearly 20% within the last week, started trading at $0.5.
Is XRP’s Trend Reversing?
The decision of the US judge in the Ripple case stating that Ripple’s sales of XRP do not constitute an investment contract caused XRP to gain strong momentum in mid-July. XRP had risen from $0.46 to $0.9 during this period, accompanied by the value increases it achieved in a few days.
After these rises, XRP, which quickly became one of the prominent cryptocurrencies in the market, has recently gained a downward momentum again. The high rate of value losses recorded in recent weeks has largely reversed the trend in XRP.
Value Loss Approaching 20%
XRP, which has gained a downward momentum within the last month, has experienced a significant decrease of nearly 20% within the last week. Although XRP tested the $0.5 levels several times during the week, it rose to $0.51 again after falling to $0.49 on Friday. After the last value losses recorded during the day, XRP started trading at $0.5.
The decline of the leading cryptocurrency, Bitcoin, to $25,400 levels led to high rate value losses in most cryptocurrencies in the market. With the effect of this downward trend in the market, XRP has become one of the cryptocurrencies with the highest percentage of value loss in terms of market value. Many analysts evaluating the current situation of XRP pointed out the $0.5 levels and suggested that if XRP loses the $0.5 levels and the decline in the cryptocurrency market continues, the value losses could accelerate.
Important Development in Ripple Case
Meanwhile, as this downward momentum in XRP continues, an important development occurred in the ongoing legal process between the US Securities and Exchange Commission (SEC) and Ripple company yesterday. SEC requested permission to file a temporary appeal in the case against Ripple. It is expected that Ripple officials will object to the appeal in the coming days. Ripple has until September 1 to object to the appeal.
