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After the decision of the US judge in the Ripple case that Ripple’s XRP sales do not constitute an investment contract, XRP, which experienced a strong rally in July, has fallen to critical price levels as the market started to decline again in recent weeks. Starting the week with a decline, XRP lost 2% in the last 24 hours and started trading below $0.7.
Made an Impact on the Market with Rallies
The XRP decision in the Ripple case led to a strong rally in the cryptocurrency market, especially for XRP, in mid-July. XRP, which rose from $0.47 to $0.8 within hours on July 13, made its mark on the market with these rallies.
However, the leading cryptocurrency Bitcoin (BTC) accelerated its losses after the market began to decline again from $31,500. BTC fell below the $30,000 price level with these losses in recent weeks.
This decline in BTC also caused most altcoins in the cryptocurrency market to record high losses in recent weeks. XRP, which made its mark on the market with its rallies in mid-July, retraced to critical price levels as the market started to decline again.
What is the Current Situation for XRP?
Following the decision in the Ripple case, XRP’s significant price increases in the following days led many analysts to suggest that XRP could surpass the $1 resistance level in the coming weeks if the upward trend in the market continued. However, XRP reversed its direction as the market started to decline again.
Due to the recent downward trend in the cryptocurrency market, XRP has started to decline again in recent days, accelerating its losses. XRP has lost more than 2% in the last 24 hours and fallen below $0.7.
