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In the past week, XRP has experienced a decline of over 4.7%, causing a downward trend in its price as it falls below the $0.5 level. While XRP saw a rise again with BTC surpassing the $26,000 level, it has yet to surpass this level and is currently trading at around $0.47.
Nearly 5% Loss in the Past Week
The recent downward momentum in the cryptocurrency market has led to significant losses for most altcoins. XRP has been among the cryptocurrencies that have witnessed significant declines in recent weeks.
In the past week, XRP has experienced a value loss of over 4.7%. Its decline below the $0.5 support level at the beginning of the new week further accelerated its losses, temporarily dropping to around $0.46. Additionally, XRP has recorded a value loss of over 20% in the past month, making it one of the cryptocurrencies with the highest percentage loss among the top 100 cryptocurrencies by market capitalization, according to CoinMarketCap.
What’s the Current Situation with XRP?
Although the cryptocurrency market started the new week with a decline, it saw a rebound as the leading cryptocurrency Bitcoin surpassed the $26,000 level. Most altcoins in the cryptocurrency market also saw a rise and gained value.
Ethereum (ETH) surpassed the $1600 level again, and the total market capitalization of the cryptocurrency ecosystem rose to $1.04 trillion, according to CoinMarketCap (CMC) data. XRP also experienced a rise in line with the bullish trend in the cryptocurrency market.
However, despite recording a value increase of over 1% in the past 24 hours due to the bullish trend in the market, XRP has started trading at around $0.47 and has not yet surpassed the $0.5 level. Analysts evaluating the current situation of XRP pointed to the Ripple-SEC case. They stated that if the upcoming decisions favor SEC, XRP could experience a new decline.
