The past seven days were quite painful in the cryptocurrency market as the majority of it is trading well in the red. This resulted in $40 billion being lost from the total capitalization, which is inching closer to $900 billion. The most obvious outlier in this is Ripple’s XRP which soared by 50%. Let’s unpack.
Bitcoin’s price is currently sitting slightly below $19,000, down 5.7% in the past week. Seven days ago, it was trading at around $19,500 and even managed to poke above $20K on Sunday, but the bears were quick to intercept and push BTC back towards $18,500.
From there, the cryptocurrency made another attempt at recovery, but the Fed’s decision to once again hike interest rates sent the market south, and BTC was once again found at around the same level at $18,500. Since then, the cryptocurrency has failed to recover.
Most of the altcoins are also charting considerable losses, with ETH being in the lead, down over 12% weekly. It appears that the Merge failed to positively impact its price, at least for the time being. However, the most obvious outlier remains XRP, which managed to soar by a whopping 50% in the past seven days.
This happened mostly because the trial with the US Securities and Exchange Commission is moving closer to a decision, and it appears that the market is pricing in a positive settlement. Earlier in the week, both Ripple Labs and SEC filed motions to have an immediate ruling, and a decision might come as soon as the…
