📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

XRP Loses Monthly Gains in Days as Price Dips 9%

Published 2023-06-15, 07:27 a/m
© Reuters.  XRP Loses Monthly Gains in Days as Price Dips 9%
BTC/USD
-
XRP/BTC
-
ETH/USD
-
XRP/AUD
-
XRP/USD
-

U.Today - lost all of its gains from a rally earlier this week when the cryptocurrency's price fell after reaching a crucial resistance range.

As the price of XRP increased beyond $0.55 on June 13, a crypto analyst, , issued a warning about the cryptocurrency.

The analyst noted that the price of XRP had advanced over the $0.55 level on a few occasions; however, this was typically a trap to lure breakout traders into long positions before "recking" them with a full reversal.

On June 13, as traders speculated that a highly anticipated document release connected to an ongoing legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) could push XRP higher, the price of XRP reached a high of $0.565.

As markets processed the much-sought "Hinman emails," referring to the documents of former SEC official William Hinman, XRP took the opposite route.

XRP consequently fell as low as $0.461, its lowest level this month, marking two consecutive days of losses. At the time of writing, the XRP price was trading in the red, down 6.14% in the last 24 hours to $0.4722.

The three-day losses so far culminated in a weekly price drop of 9.70%, negating the 9.77% gains made in May. This decline also erases all the gains it has made so far in June. At the moment, XRP is down 8.57% for June.

Contributing likewise to the XRP price drop in the past day is the general sell-off in the market as Bitcoin (BTC) and Ethereum (ETH) lost significant price levels shortly after the Federal Reserve's latest interest rate decision.

The value of cryptocurrencies is currently declining, with Bitcoin (BTC) slipping below the $25,000 mark. According to data, the total market capitalization decreased by 3.58% during the previous day.

In positive news for XRP, Australia's largest crypto exchange, BTC Markets, has made it known that the XRP/USDT trading pair is now fully live and available to trade on the platform.

As reported, BTC Markets made it known it was adding a new XRP/USDT trading pair in addition to the XRP/AUD and XRP/BTC pairs already listed on the platform.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.