Crypto: The SEC Drops Ripple (XRP) By +15%!
The crypto market was recently shaken by a significant drop in the price of XRP, Ripple’s cryptocurrency. Several factors contributed to this fall, including legal developments and increased geopolitical tensions. However, the situation is likely to worsen if nothing is done!
Crypto: Ripple (XRP) collapses after this move by the SEC
One of the main factors in this decline is the SEC’s appeal in the case against Ripple. The SEC accuses Ripple of selling unregistered securities in the form of XRP. While Ripple had been ordered to pay a fine of $125 million, the SEC’s decision to appeal has rekindled uncertainties among crypto investors. This situation has led to a massive sale of XRP, causing its price to drop from $0.63 to $0.51, a decrease of more than 15%. The final decision in this case is awaited on October 7, 2024.
In addition to legal issues, geopolitical tensions have also played a crucial role in the decline of ripple’s price. International conflicts and global economic uncertainties have pushed investors to turn to safer assets, thus abandoning cryptos. This trend has been observed not only for XRP but also for other major cryptocurrencies.
Another factor contributing to the decline in XRP’s price is the inflation of its supply. Ripple regularly releases large amounts of XRP from its escrow accounts, thus increasing the total supply of the crypto. This increase in supply, combined with stagnating or declining demand, has exerted downward pressure on XRP’s price.
Future prospects for XRP
Despite these challenges, some analysts remain optimistic about the future of XRP. They believe that if Ripple manages to resolve its legal issues and stabilize the supply of XRP, the crypto could regain its value. Moreover, the growing adoption of blockchain-based payment solutions could also play in XRP’s favor in the long term.
The recent drop in the price of XRP is the result of a combination of legal, geopolitical, and economic factors. Crypto investors need to remain vigilant and closely follow future developments to make informed decisions.
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Le monde évolue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m'intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l'optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.