Today XRP is up by about 4%, trading at 0.72. Yesterday, XRP was trading at $0.69, marking a 25% decline from a peak of $0.93 on Thursday. The sudden decrease caught traders off-guard, resulting in the liquidation of $155 million in long positions, marking the largest long liquidation in a month. XRP also experienced a price drop after its initial surge.
However, today the two currencies experienced an increase with Bitcoin settling at $30,310 and Ether at $1932 at the time of publishing. However, the positive trend in the crypto market reversed on Friday afternoon, with Bitcoin falling below $30,000 and Ether declining to $1,900. Ether, the second-largest token, had its best session since March, while XRP experienced a significant surge of 73% following the ruling, maintaining most of its gains on Friday. Market Impact and Recovery in the Crypto Spaceīitcoin reached its highest price since June 2022, briefly touching $31,818. Additionally, Coinbase, a prominent cryptocurrency exchange, announced limitations on its crypto staking services in certain states, pending legal proceedings initiated by several states alleging securities law violations. This development tempered the overall sentiment among crypto investors.
CRYPTO OPTIMISM SERIES
This coincided with a series of executive departures, including Chief Strategy Officer Patrick Hillmann. The layoffs were ongoing and could result in Binance losing more than a third of its staff. The Wall Street Journal reported that Binance, the world’s largest cryptocurrency exchange, had been conducting layoffs, with over 1,000 employees affected. Challenges and Setbacks in the Crypto IndustryĪmidst the enthusiasm surrounding the XRP ruling, some cautionary news emerged in the crypto industry.
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