The crypto market is currently a battlefield nobody wants to be in. It looks all red in the market, with few tokens trying to stand up for the occasion.
One thing to note about the crypto market is that price changes usually start from the top before reaching the bottom. In other words, top cryptocurrencies mainly bear the losses before it extends to lesser-valued cryptocurrencies.
The same is currently happening in the crypto market, as Bitcoin and other altcoins are currently down. The apex cryptocurrency seems disinterested in making any positive move. It looks like something that will likely drop to $28k. On the other hand, Ethereum hasn't been doing much. The price also looks like something that will drop into the $1,700 range. Following suit is XRP.
In the case of XRP, the token seems to be going downhill after the partial ruling that made the cryptocurrency come out as non-security. At that time, this crypto's price analysis was something else as it surged to new levels. However, the price has gone blank in the past weeks.
At the time of writing, XRP's price is currently at $0.59, with a close to a 5% decrease. Moving on from the daily charts, everything seems to have gotten worse from here. Weekly charts show XRP has dropped by more than 8% in the past 7 days. It even worsens with the monthly chart, as the token has fallen by a whopping 22%.
Moving over to Bitcoin, things seem not to be going well with the apex cryptocurrency. In fact, even the most serious Bitcoin maxis know the coin is down. Over the past weeks, the token has broken many support levels in the bid to stay alive.
At press time, the Bitcoin price is currently at $29,124. Nevertheless, there are heavy fluctuations in Bitcoin movement analysis. In fact, with how the apex crypto is moving, it might get down to the $28,000 range. Bitcoin has been down by close to 1% in the past day. The current weekly and monthly charts decrease is more than 2% and 4%, respectively.
Outlook of the Crypto Market
The total crypto price analysis is quite scary with how much the market has lost within 24 hours. The whole crypto market lost over $17 billion in market capitalization within 24 hours. In those $17 billion, XRP lost more than $1 billion in market capitalization. This further illustrates how XRP's price has gone down the drain after the ruling.
From $17 trillion, the total market cap of the crypto industry lost about $1.17 trillion. More information shows altcoins were particularly affected by the poor market situation.
What Caused the Current Market Situation?
Many macro conditions are contributing to the current decline in the crypto market. For instance, Binance recently announced it would close down its crypto payment system Binance Connect.
They launched this payment system in March 2022, which closed after just a year of operations. Apparently, Binance is saying it is no longer part of its long-term plans. Furthermore, many investors are now focused on shorting the market rather than trading. Many whales are transferring large amounts of tokens to centralized exchanges, where they will mostly sell.