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XRP Market Cap Drops Over $20B — Largest Daily Loss in Months
The cryptocurrency market has been plagued by uncertainty and volatility over the past few days, with Ripple’s XRP token being one of the hardest-hit assets. In a shocking turn of events, XRP’s market capitalization plummeted by over $20 billion, marking the largest daily loss in months.
This dramatic decline comes as investors are already reeling from the recent surge in trading volume, which nearly quadrupled from $2.26 billion to $9.6 billion. This spike in activity suggests that investors are either panic-selling or repositioning their portfolios amid growing uncertainty.
One of the key factors fueling XRP’s decline is the ongoing uncertainty surrounding the Ripple v. SEC case. Despite previous instances where the SEC dropped cases following similar market events, the commission has remained silent, leaving investors in limbo. The lack of regulatory clarity has contributed to a bearish sentiment, with traders fearing prolonged legal battles that could impact XRP’s future adoption and liquidity.
The wider crypto market has also suffered, losing a staggering $300 billion over the weekend, further amplifying XRP’s losses. As the price action paints a grim picture, with XRP dropping more than 14% in a single day to trade at $1.77, year-to-date losses have now reached an astonishing 14.21%.
Technical analysts have pointed to a potential head-and-shoulders pattern forming, which could signal further declines. If this pattern holds, the token could see its price drop to as low as $1.30 in the coming days.
Despite the sharp decline, some investors remain hopeful that XRP will stabilize and recover. However, with market sentiment still fragile and regulatory uncertainty looming, traders are approaching the asset with caution. The coming days will be crucial in determining whether XRP can hold key support levels or if further losses are on the horizon.
As the crypto market navigates turbulent waters, all eyes remain on Ripple and the SEC, waiting for any developments that could shift the tide.
Source: https://crypto-economy.com/xrp-market-cap-drops-over-20b-largest-daily-loss-in-months/
