Despite reaching new highs in institutional investment, XRP has been unable to break over the $0.55 barrier, perplexing many investors. The price of bitcoin has remained flat, failing to reflect institutional investors’ rising interest.
Meanwhile, wallets with 1 to 2 million XRP tokens have hit near-all-time highs, indicating an increase in use. As the price continues to fall, some astute investors are advising a shift to other assets such as DTX, prompting a new round of debate in the cryptocurrency world.
Ripple (XRP) price dumped and stuck below $0.55, despite record institutional interest
The ongoing legal battle between Ripple and the SEC has continued to impact market sentiment around Ripple’s native cryptocurrency, XRP. Despite attempts to break resistance at $0.55, XRP’s price remains subdued as traders assess the implications of Ripple’s response to the SEC’s allegations regarding the illegal sale of XRP as a security.
Legal experts, such as cryptocurrency industry attorney Fred Rispoli, anticipate a prolonged legal process with potentially favorable outcomes for Ripple. However, Rispoli also highlighted “ominous signs” in the case, suggesting that challenges remain.
Besides, Recent large-scale transactions of XRP, such as the transfer of 100,000,000 XRP to a Ripple-owned wallet, have also drawn attention. Although some users speculated that these transfers represent ongoing XRP sales by Ripple, clarification from the Bithomp XRP explorer indicated that the destination wallet belongs to Ripple itself. This aligns with Ripple’s known practice of periodically selling XRP from its reserves to fund operational expenses.
Market observers continue to monitor Ripple’s activities closely, particularly in light of the legal proceedings and the company’s handling of its significant XRP holdings. The outcome of Ripple’s legal battle with the SEC and its impact on XRP’s market dynamics remain subjects of intense interest within the cryptocurrency community.
Crypto market update: Bitcoin and altcoin declines
Bitcoin showed promising recovery, surpassing $66,000 and briefly hitting $67,000 before recent setbacks. Altcoins faced worse with significant declines. Bitcoin surged after Iran’s calming remarks, rising $5,000 to around $65,000, then to $67,000.
However, Bears thwarted recent attempts to breach this level, leading to a sharp drop exceeding $3,000 to a low of $63,500. Amid growing ETF outflows, Bitcoin’s market cap declined to $1.260 trillion on CG, with dominance over altcoins at 50.7%.
The landscape surrounding altcoins worsened significantly today, with the exception of BNB, TRX, and LEO, which were spared by the crash. Other larger-cap altcoins experienced deep declines. ETH is down and trading just above $3,100. Similar losses are evident across XRP, LINK, LTC, and NEAR.
More painful declines are seen in Solana, Dogecoin, Toncoin, Cardano, Shiba Inu, Avalanche, Bitcoin Cash, and Polkadot. The total crypto market cap has dropped by around $100 billion in a day, now standing under $2.5 trillion.
Instead of major coins, smart money recommends switching to DTX
DTX Exchange is gaining attention as a promising cryptocurrency for 2024, likened to Uniswap’s success. Its innovative hybrid model combines centralized and decentralized features, offering benefits without KYC verification, ideal for privacy-focused investors. DTX boasts exceptional 1000x leverage, enabling traders to maximize profits, and provides access to over 120,000 digital assets, appealing to a diverse investor base.
In stage 1 of its presale, DTX raised $300,000, outperforming established altcoins like Worldcoin (WLD) and Render (RNDR), positioning itself as a contender. With a presale price of $0.02 USD per token and having raised over $350,000, DTX Exchange generates excitement among investors seeking alternatives to traditional altcoins.
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