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Crypto News: XRP is now down 0.73% at US$0.53597 and ranked as the sixth-largest cryptocurrency by market capitalization with a US$29 billion market cap as of this writing. Until some of these issues are fixed or made better, XRP's price and market capitalization are probably going to stay unstable. The future of XRP continues to be a topic of interest in crypto news, even with Ripple's substantial partnerships with international financial institutions in the field of cross-border payments.
The development of the XRP Ledger, a decentralized network that facilitates XRP, and the growing acceptance of cryptocurrencies may be advantageous to XRP. Thus, XRP is still a major participant in the constantly changing cryptocurrency market.
The XRP price started the weekly trading on a negative note, suggesting that there may be another dump in the upcoming days after dropping by about 10% over the previous week. The bulls lost steam after collapsing below the critical 200-day MA level, which precipitated a sharp decline and the breakdown of the critical support level. In addition, a negative EMA cross can be attained shortly, confirming the bearish momentum's supremacy and raising the possibility of a further slide.
The decline in XRP's price and market cap can be attributed to several factors, such as:
Whale Selloffs: A blockchain tracking firm called Whale Alert reports that on Wednesday, January 17, 2024, two significant XRP transactions totaling 46 million XRP, or US$26.4 million, were made. The payments to Bitstamp and Bitso, two cryptocurrency exchanges, came from unidentified wallets, suggesting that whales or other major XRP investors may be selling up their holdings.
Ripple's selloff: The XRP firm, Ripple, transferred 80 million XRP, valued at US$46 million, from its escrow wallet to an unidentified wallet on Tuesday, January 16, 2024. This raised rumors that Ripple was liquidating a sizable chunk of its XRP holdings, which may drive down the price of the token.
Legal uncertainty: The U.S. Securities and Exchange Commission (SEC), which filed a lawsuit against Ripple in December 2020, is currently pursuing legal challenges against XRP. The SEC claims that XRP is an unregistered security and that Ripple broke securities laws when it sold XRP to investors. The litigation is still pending, and the result may have a big effect on XRP's standing and prospects.
Market sentiment: The prevailing adverse attitude in the market over the last week has had an impact on XRP as well. The biggest currencies in the cryptocurrency market have been losing value and trading in the red as a result of the market correction. The market as a whole has declined along with the largest cryptocurrency, Bitcoin.
Until some of these issues are fixed or improved, the price and market capitalization of XRP are probably going to be erratic. Nonetheless, XRP's potential continues to excite some analysts and investors, particularly in the cross-border payments space, where Ripple has partnerships with hundreds of platforms and financial institutions worldwide. The expanding use of cryptocurrencies and blockchain technology in general, as well as the creation and advancement of the decentralized network that underpins XRP, the XRP Ledger, might potentially be advantageous to XRP.
