Cryptocurrency Market Is Down; XRP Price Fell Over 10% Today
Today was a massive red day in the world of cryptos and digital assets. The entire market declined by 3.4% in the last 24 hours. Along with other cryptocurrencies, XRP price fell by 10.4% as well. This steep drop comes in the wake of the escalating tensions between Russia and Ukraine, impacting capital flows in every market.
This is especially true crypto as investors become more way of high-risk assets. Despite the favorable developments from the SEC v. Ripple litigation, the recent geopolitical environment in that region overshadowed the bullish run of the token.
Despite being viewed as a low-correlation asset relative to other major players in the space, the view on XRP is being challenged by the bullish price action it recently went through. The extent to which external factors affect a coin’s price is best seen in XRP. Especially as it gears up to set a precedent for the future of cryptocurrencies in the USA through the lawsuit Ripple is facing.
With the recent movements in the SEC v. Ripple lawsuit being mostly in favor of Ripple, the digital token saw a slight recovery. Reports were also released about the unsealing of two memos from 2012, showing an analysis that favors Ripple in the litigation. Overall, the outlook for XRP price has been positive in the last few weeks.
This positive run for the XRP price culminated when it reached a new local high over the $0.90 level. This high came just a couple of weeks after its local low at $0.55. This move was triggered by the positive developments in the case mentioned above.
However, the recent war-driven bearish movement throughout the crypto space may delay XRP’s recovery over the $1.00 mark. For now, crypto investors are reeling in their portfolios as they wait for developments in the lawsuit. Several others are also on the lookout for developments in the Russia-Ukraine conflict before investing again.