Worst-Performing Crypto Asset Out of Top 20?
Despite the overall downturn in the cryptocurrency market recently, some altcoins are struggling more than others. Interestingly, $XRP has been one of the biggest losers, even though Ripple, the company behind the token, received some major positive news this month. đ
TL;DR:
On March 19, XRP saw a significant spike to $2.60 when Ripple CEO Brad Garlinghouse announced the end of the long-running lawsuit with the US SEC. This was a moment that XRP holders had been eagerly waiting for over four years. đ
However, after this brief surge, the price quickly fell, and XRP hasnât been able to regain its momentum. Even the confirmation of the lawsuit closure last week didnât seem to help the token. Instead, XRP has dropped below $2.10 and has lost about 20% of its value since the March 19 peak. Itâs now nearing a potential drop below the $2 mark, which could signal more trouble ahead, despite all the positive news surrounding Ripple. đ
Why Is XRP Struggling?
While the overall market correction, which has affected BTC ($82,000), ETH ($1,800), and SOL ($125), could explain some of XRP's decline, itâs been hit harder than most of the top 20 altcoins. Over the past week, XRP has lost 14.5%, while Bitcoin is down 5.5%, Ethereum is down 11.6%, and Solana has dropped 9%. đŞ
In addition to the âsell-the-newsâ reaction, XRPâs struggle could be partly due to the actions of whales â large market players who have been making moves. After the US elections and during XRPâs surge from $0.60 to $3.40, whales were accumulating XRP in large quantities. Now, theyâve shifted tactics and started selling off significant amounts of XRP, which could be contributing to the price drop.
In just the past 48 hours, whales offloaded 1.12 billion XRP, worth over $2.3 billion at current prices. This accounts for nearly 2% of XRPâs total market cap. đŽđ¸
XRPâs path ahead is uncertain, but with whales exiting and the broader market correction, it could face more challenges in the near term. Stay tuned! đ
