The leading cryptocurrency Bitcoin (BTC) has been consolidating between the price levels of $25,500 and $26,000 in recent days, following a significant drop at the end of August 2023. Meanwhile, with the effect of this downward trend in the cryptocurrency market, XRP has also declined to the $0.5 level with its recent value losses.
What is the Current Situation in the Cryptocurrency Market?
The leading cryptocurrency Bitcoin (BTC), although it started the day with low percentage value increases, has been consolidating between the price levels of $25,500 and $26,000 in recent days, following a significant drop at the end of August 2023. The total market value of the cryptocurrency ecosystem also declined from $1.08 trillion to $1.03 trillion during this period, according to CoinMarketCap (CMC).
Furthermore, as BTC started to move relatively sideways between the levels of $25,500 and $26,000, volatility in the cryptocurrency market also decreased. According to Coinglass data, approximately $40 million worth of short and long positions were liquidated in the cryptocurrency market in the last 24 hours.
What is the Current Situation of XRP?
XRP experienced a strong upward movement in mid-July due to the impact of the XRP decision in the Ripple-SEC case, but it could not continue its upward trend and recently gained a strong downward momentum. After the high percentage value increases recorded in a short period, XRP rapidly declined and according to CMC data, it experienced an average loss of about 20% within the last month.
With the cryptocurrency market showing a downward trend again, most altcoins in the cryptocurrency market have also experienced high levels of value loss in recent weeks. The leading cryptocurrency BTC declined to the $25,500 price level during this period.
XRP is among the cryptocurrencies that have experienced high levels of value loss during this period. Although XRP briefly surpassed the $0.5 level again, it declined to the $0.48 price level last week, recording a loss of over 5.6% within the past week. Many analysts evaluating the current situation of XRP stated that if XRP falls below the $0.5 level in the past weeks and the downward trend in the cryptocurrency market continues, the losses could accelerate.
