In contrast, a separate transfer of 100 million XRP between two anonymous wallets was observed, which could indicate a bullish outlook by some market participants. Despite these conflicting signals, XRP’s price dropped by 6.68% to $0.6503, and its market cap decreased by 6.56% to $34.87 billion. This downturn comes even as XRP had shown an upward trend of 8% over the past week and an impressive gain of over 30% in the last month.
The price movements coincided with the conclusion of the Ripple Swell conference, which did not feature the anticipated announcement of a Ripple IPO. The absence of this news may have contributed to investor uncertainty and the subsequent impact on XRP’s price.
This bearish turn follows a period of optimism spurred by a court ruling in favor of Ripple Labs, where Judge Analisa Torres stated that XRP’s sales on secondary markets do not constitute securities transactions. Before the recent decline, XRP had reached a high of $0.72, buoyed by this legal development.
Despite the current dip in value, some market observers maintain high hopes for a swift recovery for XRP, bolstered by technological advancements on the XRP Ledger (XRPL) that promise real-world utility. As the market digests these developments and their implications for Ripple and XRP, investors are closely watching for signs of stabilization or further movement in the cryptocurrency’s price.
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Source: Cryptocurrency - investing.com
