Crypto fans have witnessed quite a show this year as XRP stands out with solid 65% gain since January. While short-term wins are impressive, digging into XRP’s longer story reveals it’s not as dazzling as Bitcoin (BTC) and Ethereum (ETH).
Dig into the details further. Read on!
Decoding XRP’s Slowdown
In the midst of celebrating market gains, XRP hit a brief speed bump, sparking interesting talks within the crypto community.
A key part of XRP’s recent rise goes back to a July legal win, where the U.S. Supreme Court backed Ripple in a tussle with the Securities and Exchange Commission (SEC). This legal victory gave XRP a boost, but some gains faded, leaving investors pondering its future, especially with Ripple’s legal battles lingering.
After the court win, XRP briefly shot up to $0.93, then dropped to $0.44. Yet, showing resilience, XRP is on the rebound, sitting above $0.61.
Read More: Will XRP Hit $5.00 In 2024?
XRP Trading Moves: A Closer Look
In recent short-term moves, XRP rose by 1.73% in the last 24 hours, trading at $0.612. Notably, its 24-hour trading volume jumped by 42%, hitting $2,001,370,458, signaling strong market interest.
Zooming out, XRP’s performance in the last three years reflects Ripple’s regulatory struggles since late 2020. While a legal win in July boosted its price, measuring up against crypto giants Bitcoin and Ethereum paints a different picture.
The Bigger Picture
Comparatively, XRP rose by 102% against the dollar in the last five years. However, against BTC, it’s down by 82%, and against ETH, it faces a decline of 91%.
Despite setbacks, optimistic XRP holders hope for positive turns, stressing the need for patience in the unpredictable crypto world. As XRP’s journey unfolds, the crypto community eagerly awaits the next chapter in this engaging tale.
Also Read: Is XRP’s Growth Fueled by Bitcoin? John Deaton’s Insights Spark Debate
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