On Wednesday, the cryptocurrency market witnessed a sudden sell-off which plunged the Bitcoin price below $60000. With an intraday loss of 4%, the BTC price sparked the correction of major altcoins.
Earlier this week, the substantial inflow from BTC ETFs triggered a relief rally in the market. However, concerns are mounting over increased selling pressure from distributions by the defunct crypto exchange Mt. Gox and liquidations by government bodies.
Given the potential for an extended correction, market participants might consider avoiding the specified altcoin to protect their investments.
Also Read: Binance Announces Delisting Of Key Crypto Pairs, Brace For Market Impact
Altcoins- XRP
XRP is a cryptocurrency designed to facilitate fast and cost-effective cross-border payments. It is the native token of the XRP Ledger (XRPL), an open-source, decentralized blockchain developed in 2012.
XRP| Tradingview
XRP has struggled in the first half of 2024 as investor caution prevails due to the
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