XRP Sees Sharp Drop, Erasing Monthly Gains Amid Market Volatility
XRP, the fifth-largest cryptocurrency by market cap, experienced a significant drop on Monday, reaching a three-week low of $0.487 from its peak of $0.52. The depreciation wiped out the digital currency’s monthly gains, resulting in a 2.68% decrease for October.
This downturn mirrors a similar event following Judge Torres’ summary judgment ruling in July. On October 3, Judge Torres dismissed an appeal request by the SEC, leading to a nearly 9% surge in XRP to $0.549. However, this increase was quickly negated due to profit-taking activities.
Bill Morgan, an attorney with a keen interest in XRP, drew parallels between the two instances of market volatility. He suggested that the recent price drop was akin to the one observed post-Judge Torres’ decision earlier this year.
Simultaneously, Benjamin Cowen, a crypto analyst, associated the latest altcoin price fall with a harsh phase of the market cycle. He noted that during such periods, Bitcoin‘s dominance tends to rise even as its own value falls, while altcoins suffer more drastic declines.
This analysis provides some insight into the recent turbulence experienced in the cryptocurrency markets. As Bitcoin’s influence grows during these tumultuous periods, altcoins like XRP can face more severe drops. The swift reversal of XRP’s gains after Judge Torres’ ruling further underscores the volatility and unpredictability inherent in the crypto sphere.
