In the midst of a lackluster price movement across the wider cryptocurrency market, XRP experienced an unusual downward trend.
The cryptocurrency recently became the fifth-largest crypto by market cap owing to Ripple’s partial but impressive win against the US Securities and Exchange Commission (SEC).
The asset even briefly surpassed BNB as the fourth-largest last month. After posting double-digit gains for quite some time, the bulls appear to have entered a phase of exhaustion.
- The latest data suggest that XRP lost nearly 10% of its value in the last week and was currently trading at $0.66. The downtrend has been gradual since hitting a yearly high above $0.92 in mid-July. It’s down over 25% since then.
- Traders are dumping their XRP holdings, and experts suggest that the trend could potentially extend further downside action near $0.55.
- While the recent ruling in SEC v. Ripple Labs has been rightfully hailed as a huge step forward for the crypto sector, there has been significant development on the blockchain firm’s expansion front that could boost XRP’s price.
- Crypto trading platform Bitstamp, for one, unveiled an XRP lending service offering a “permanent” 2% yield after it relisted the crypto asset for trading last month.
- In addition to Bitstamp, several major exchanges, such as Coinbase, Kraken, and Crypto.com, have reintroduced XRP to their platforms.
- The rush to make XRP available again to US users could act as a bullish catalyst to trigger a recovery.