The post Why XRP Price is Dropping? appeared first on Coinpedia Fintech News
After teasing a potential macro bullish breakout earlier this week, Ripple Labs-backed XRP price dropped over 11 percent in the past 24 hours to retest the crucial support level of around 54 cents on Thursday during the early Asian session. The large-cap altcoin, with a fully diluted valuation of around $54 billion and a daily average traded volume of about $3.3 billion, was the largest loser among the top 50 crypto assets in the past 24 hours.
Major Factors that Contributed to XRP Price Drop Today
Investors’ Disappointment In SEC’s Decision to File Appeal Case
The initial market hype and FOMO triggered by the announcement that Bitwise filed an XRP ETP with the US SEC dramatically waned after the agency filed an appeal to Judge Analisa Torres’ ruling. XRP investors expressed notable disappointments amid an anticipated bullish breakout to a new all-time high.
With the SEC’s appeal case li
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