XRP is Down 90% Since 2018 High, Can the Cryptocurrency Recover?
XRP’s Misery Continues, Now Down 90% Since 2018 High
XRP fell to its lowest price of 2018 on August 14th. The third-largest cryptocurrency by market capitalization dropped to $0.27 cents for the first time since December 12, 2017.
Currently, XRP is one of the biggest losers among the top 10 cryptocurrencies by market capitalization and is reporting a 7-day loss of 36 percent, according to data from CoinMarketCap. Its individual market capitalization also fell by more than $5.4 billion within that period. Now the difference in market cap between XRP and BCH is less than $1.6 billion.
What’s interesting is that XRP seems to be the most predictable cryptocurrencies, at least when it comes to trading. The recent price action is a carbon copy of the price action during its previous cycle. Interestingly enough, Ripple (XRP) seems to have ended the cycle with the same big red candle of capitulation as in the previous cycle. The price has been trading in a falling wedge, same as it did last year.
Notably, XRP is one of a number of networks to see declining values during the Monday session. Well-known cryptos including ether, bitcoin cash, and Cardano have all seen 24-hour losses in excess of 7-12 percent.
Things might not be looking up as there has been as this week Ripple received a legal set back. The U.S. District Court, Northern District of California has ruled to deny a motion to remand against Ripple, its subsidiary XRP II, and Ripple CEO Brad Garlinghouse. According to court documents, the plaintiff failed to show whether the presence of a Securities Act issue was sufficient to bar the defendant from removing an action under the Class Action Fairness Act. A Ripple spokeswoman said that at the moment the lawsuit was filed, the SEC had not yet decided whether XRP is a security. She claimed, “We continue to believe XRP should not be classified as a security.”