XRP Price has suffered a 20% Loss, Would it Fall to $.10?

XRP Price

The trading price of XRP (XRP) has experienced a major loss in the past week. The downward movement of XRP has continued even in the past 24 hours.

XRP’s 20% Decline in the Past 7-Days

A look at the price chart for XRP suggests that its value has experienced a 20% dip in the past week. Whereas, the trading price of XRP has experienced a 2% dip in the past 24 hours.

This is a major drop for the cryptocurrency that happens to have so much potential in the cryptocurrency market. XRP is among the oldest cryptocurrencies and finally, it was hoped it would regain its lost value.

However, things seem to have gone south for the digital asset and now, it has grown weaker than it was 7 days back.

FTX is the Culprit                                                                    

Turns out, it is FTX that is responsible for causing a major downtrend in the trading price of XRP in recent days.

Due to the insolvency issues, the FTX exchange has faced a major crash. It has ended up bringing down the entire cryptocurrency market.

The native token on the FTX exchange “FTX Token” commonly known as FTT has faced the largest downfall in the past 7 days.

As per the price chart, the trading price of XRP has dipped tremendously in the past 30 days as well. A look at the chart suggests that it dipped by 27%.

XRP is Erasing Gains

Finally, after a long-running battle with the US SEC, XRP was closing in on its victory. This boosted the confidence of many investors who were investing heavily in XRP.

This eventually helped XRP gain tremendously but recently, the situation has changed for XRP. Its trading price has continued falling and the trend is on the verge of erasing the gains XRP had generated.

Due to the potential victory of Ripple Labs against the US SEC, the sentiments of the investors had grown stronger. The sentiments of the investors have gained strong momentum.

As the investors found their lost confidence in XRP, the trading price of the digital asset started to pick up the pace. While things were turning out to be quite promising for XRP, the FTX fiasco has ruined everything.

To make things worse, the US SEC has recently won a case against LBRY, which is another cryptocurrency protocol. LBRY was facing a similar lawsuit by the US SEC as the Ripple Labs.

Therefore, the investment community is now concerned about the outcome of Ripple Labs and they fear the fate of XRP in the United States.

XRP’s Drop to $0.10

Due to the recent price dips, the trading price of XRP has dipped to $0.358446. However, the fear of the US SEC winning the case against Ripple Labs is scary enough to cause the investors to withdraw.

If the US SEC does win the case, then XRP’s price would end up moving downwards, causing XRP’s price to dip to $0.10.