Following the decision of the US judge stating that Ripple‘s sales of XRP do not constitute investment contracts, XRP experienced a strong surge for weeks. However, with the cryptocurrency market showing a downward trend again, XRP started the new week with a decline. Within the last 24 hours, XRP recorded an average loss of 6% and dropped to $0.7 price levels.
XRP Falls to $0.7 Levels
The XRP decision in the Ripple case on July 13th led to a strong surge in the cryptocurrency market, especially for XRP. However, despite the XRP decision causing the cryptocurrency market to gain upward momentum, the leading cryptocurrency Bitcoin (BTC) reached $31,500 levels and then fell again, dropping below $30,000 amid the value losses it has recorded in recent weeks.
The cryptocurrency industry has also witnessed a significant decline in market value in recent weeks. The total market value of the cryptocurrency ecosystem, according to CoinMarketCap (CMC) data, reached $1.25 trillion levels in mid-July, but then dropped to $1.17 trillion.
According to CMC data, XRP, which has been among the cryptocurrencies with the highest percentage increase in market value in recent weeks, started to decline again on the first day of the new week and fell to $0.7 price levels.
Will the Rise in XRP Continue?
Following the XRP decision in the Ripple case, XRP, which has been consistently among the cryptocurrencies with the highest percentage increase in recent weeks, started to decline again with the drop of the leading cryptocurrency Bitcoin and the cryptocurrency market at the beginning of the new week. Within the last 24 hours, XRP recorded a 6% loss and started trading at $0.7 price levels. Additionally, according to CMC data, XRP was among the cryptocurrencies that lost the highest percentage of value in the last 24 hours among the top 100 cryptocurrencies by market capitalization.
Furthermore, digital asset manager CoinShares included XRP in its weekly report, where it shared updated data on weekly fund inflows and outflows in digital asset investment products. CoinShares stated in the report that XRP has gained more trust from investors in recent times and shared the current data. According to the data shared in the report, a total of $6.8 million in fund inflows was recorded in XRP-focused investment products within the last 11 weeks.
