The announcement of xRapid coming soon had a limited effect on XRP prices, prompting only a short-term rise quickly followed by selling.
The price of XRP continued to unravel, indicating that Ripple’s ascent to the top would not be the result of a one-off event. The pump which took XRP above $0.76 was fleeting, and in the days that followed, XRP began moving to lower ranges.
As of 6:30 UTC on Tuesday, XRP had lost more than 17% in 24 hours, sliding to $0.46. Trading volumes deflated from over $4.5 billion equivalent to around $1.2 billion. The last trading peak of XRP showed that the markets could react positively on certain occasions, but investors are now quicker to take profit. Later, losses deepened to nearly 18.5% overnight, and the price fell to $0.45 as the tide of sentiment turned.
The last few days saw XRP traded most actively on Binance and in the XRP/USDT pair, supported by Korean speculation. XRP trading had a significant Japanese yen component, up to 8.5% of total trades, according to Cryptocompare. Still, the most activity is seen against Bitcoin (BTC) and Tether (USDT).
There are some who still believe XRP is just consolidating and will return to even higher levels. The upcoming launch of xRapid, as well as the partnership with the PNC bank, will remain the chief positive news, but it will be up to the market to react.
The XRP slide coincided with a price weakness in Stellar (XLM), which is seen as similarly promising. Both assets spiked at the same time last week. XLM has lost more than 9% in the past 24 hours, standing at $0.24 at 7:00 UTC.
The entire crypto market has gone red, and the losses of XRP and XLM are mirroring the general trend but are much deeper compared to other assets.
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