In the past seven days, the cryptocurrency market has been experiencing a mixed performance, with some altcoins recovering while others continue to decline. Unfortunately, XRP, the sixth-largest cryptocurrency by market capitalization, has been among the decliners.
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XRP Price Decline
XRP started the week trading at $0.4651, with a market capitalization of $24.06 billion. However, XRP’s price declined as the week progressed, reaching a low of $0.4355, a 6.36% drop from its starting price. The trading volume during this period was also relatively low, with only $385.80m worth of XRP changing hands in the last 24 hours.
7 Days Price Movement. Source: coinmarketcap
According to Tradingview data, the last time XRP closed on green this week was on May 5th, 2023, when it traded at $0.4671. Since then, XRP has been on a downward trajectory, experiencing a series of declines in price.
The decline in XRP’s price has been attributed to the overall bearish sentiment in the cryptocurrency market. The ongoing lawsuit between Ripple and the SEC may have contributed to the negative sentiment surrounding XRP.
Related Reading: Coinbase and Ripple Legal Teams Meet, XRP Listing Discussed?
Analysts Still Filled With High Hopes
Despite the decline in XRP’s price, some analysts remain optimistic about the cryptocurrency’s future. They point to the recent settlement with the SEC as a positive development, as it brings some much-needed clarity to the regulatory landscape surrounding XRP.
As of the time of writing, the trading price of XRP stands at $0.4366, with a 4.65% decrease in value in the past 24 hours.