The digital currency ecosystem is slipping back to a bearish trend as the combined crypto market capitalization has lost its earlier gains and is now pegged at $1.05 trillion. XRP is on the frontline of altcoins being impacted as earlier moves in the market have been pared off with the current slide in prices.
The Balance in XRP Price Swing
At the time of writing, XRP is changing hands at a price of $0.5129, down by 4.15% over the past 24 hours. XRP bulls were earlier active as the coin shot up as high as 4% in earlier trading after shedding off all of its gains.
Despite the obvious price slump, the digital currencies’ trading volume showcases a difference in actions between the bulls and bears. The coin’s trading volume has retained an upsurge of 3.2% in the past 24 hours with the volume pegged at $1.418 billion.
While the outlook appears bearish at this time, it remains to be seen who will win the fight for dominance between the buyers and sellers. As a volatile market, the current trend appears to be favorable for bears and whether or not the current trend will matter is dependent on general market sentiment.
XRP remains an attractive coin, despite the fact that a slight uncertainty is hovering around its future per the ongoing lawsuit between the United States Securities and Exchange Commission (SEC) and its associated blockchain payments firm, Ripple Labs Inc.
With the regulator filing an Appeal against the ruling from Judge Analisa Torres per the declaration of XRP as a non-security when traded on exchanges, bulls are holding their breadth to know how the dispute will pan out in the near future.
The XRP Delight
Industry experts have projected XRP as a coin that is sitting on turbo engines and is ready to soar in the long term. With the current XRP ruling being the de facto law for the time being, the coin can keep trading on exchanges in the US that have relisted the coin in the past few weeks.