Ever since the SEC lawsuit that hit Ripple company, XRP’s price began falling and wiped out all gains made throughout the crypto bull run post-COVID-19. This event created fear among holders of XRP tokens, who believed in the future of frictionless money transfer, competing against SWIFT, and hitting mass markets. Should people dump their XRPs or on the contrary, buy more and lower their average holding price?
XRP Price – Back to its original support area
Since the very early days of XRP, there was a strong consolidation in prices of around USD 17 cents. When the cryptocurrency market started moving upwards in tandem with the Bitcoin bull of 2017, XRP prices lagged behind for a couple of weeks, before exploding upwards, breaking the USD 20 cents barrier.
The price reached USD 3 on most exchanges, before collapsing with the whole cryptocurrency market back to the USD 20-30 cents price range. Since then, the price barely made any significant moves outside that range.
In 2020, the price was set for an exploding uptrend. XRP lagged again this year and started its uptrend a couple of weeks late, but made 3x gains for traders who bought around the USD 20 cents price.
Everything was perfect, except for that SEC lawsuit that hit last week the company Ripple, for allegedly selling securities without a proper license to do so. Prices fell since then 75% wiping out all gains made in 2020’s bullrun.
Currently, XRP is trading around USD 21 cents, recovering from its previous low of USD 17 cents. Its market cap (USD 9.6 billion) is at risk of being surpassed by Litecoin (USD 8.2 billion).
The whole cryptocurrency market
Despite the 75% price decrease of XRP, the cryptocurrency market as a whole was mostly up, with the other Top 10 coins making significant price jumps in the past 7 days:
1- Bitcoin (BTC) :+ 17.37 %
2- Ether (ETH) : + 18.67 %
3- Tether (USDT) : 0 %
4- Ripple (XRP) : – 35.61 %
5- Litecoin (LTC): + 14.05 %
6- Bitcoin Cash (BCH) : + 15.39 %
9- Polkadot (DOT) : + 44.37 % (Surpassing Cardano and Binance Coin)
7- Cardano (ADA) : + 18.83 %
8- Binance Coin (BNB): + 13.08 %
10- Chainlink (LINK) : – 5.49 %
Stay Ahead, Stay Updated and MERRY CHRISTMAS!
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Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
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