XRP, which experienced a strong rise in mid-July, has turned its direction downwards again since last week. With the market also entering a downturn, XRP has gained momentum in downward price movements, recording a loss of nearly 10% in the past week, falling from $0.77 to $0.71.
Has the Trend in XRP Reversed?
Following the decision on the Ripple case, XRP, which gained strong upward momentum in mid-July, started to decline again last week and caused further losses due to the market turning downwards. After Bitcoin, the leading cryptocurrency, fell below the $30,000 price level following the declines it recorded at the beginning of the week, most altcoins in the cryptocurrency market experienced significant losses during the week.
With the downward trend in the market, Ethereum (ETH), which has gained downward momentum in recent weeks, has declined to $1870 along with the losses it has recorded since the beginning of the week. The total market value of the cryptocurrency ecosystem has also dropped to $1.18 trillion.
With the market entering a downturn again, the upward trend that started in mid-July in XRP has reversed to some extent. XRP has recorded a loss of nearly 10% in the past week.
Value Loss Approaching Double Digits
After the Ripple case decision on July 13, XRP quickly rose from $0.47 to $0.8 within hours, gaining strong upward momentum during this period. The cryptocurrency market also turned upwards again as BTC failed to reach $31,500.
However, BTC falling below $30,000 again caused a new downturn in the market. XRP has gained downward momentum again since last week. With a loss of nearly 10% in the past week, XRP started trading at $0.71, recording low losses of around 0.5% during the day.
After its recent losses, XRP also became one of the cryptocurrencies with the highest percentage loss among high market cap cryptocurrencies in the past week.
