The global digital market experienced significant gains last week with major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) witnessing price increases of over 12% and 8%, respectively. Despite this widespread growth, Ripple’s native cryptocurrency, XRP, appeared to be the only major token to display a decline amid the recent rally.
XRP’s price has shown some mildly bullish indications backed by favorable news for Ripple and its ongoing defense against the U.S. Securities and Exchange Commission (SEC) lawsuit. With a year-to-date (YTD) increase of 42% in its price, it remains a strong force in the crypto market. However, it’s important to note that XRP registered a minor correction in the final 90 days, seeing a drop of around 12% during this period.
On-chain data from Santiment suggests that the largest crypto assets experienced a price range to start the week, with XRP being the sole exception exhibiting slight bullish signs. This outcome may be attributed to mild trader capitulation, as assets with a higher ratio of tokens moving at a loss compared to profit tend to possess a greater chance of a price surge.
It is essential for investors to keep in mind that, though positive updates are coming in favor of Ripple and its defendants, the case involving the SEC still poses a potential challenge for XRP. One cannot disregard the potential negative impacts of the ongoing litigation on the cryptocurrency’s future. Therefore, it is crucial for those invested in XRP to monitor developments in the case closely.
On the flip side, the recent mild bullish signs for XRP, coupled with its YTD performance, may be indicative of future recovery and potential growth. Moreover, if Ripple successfully defends itself against the SEC, this could provide an added boost to XRP’s perception in the market.
In conclusion, while XRP’s recent performance during the rally was not as favorable compared to its counterparts, it remains an intriguing cryptocurrency. Potential investors should remain vigilant and continuously update their knowledge about the ongoing legal developments and market conditions surrounding the future of XRP.
It is important to emphasize that the opinions presented in this article are the authors’ and should not be taken as absolute truth. Market research is crucial before making investment decisions regarding cryptocurrencies, and neither the author nor the publication shall be held responsible for any personal financial loss incurred by readers.
Source: Coingape
