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XRP has experienced a significant decline of around 11% over the past day, hitting a low of $0.511 early on October 3. This downturn is primarily driven by a broader slump in the cryptocurrency market and is exacerbated by the ongoing lawsuit from the U.S. Securities and Exchange Commission (SEC) against Ripple, which continues to pressure XRP’s price.
XRP Key Statistics
Current Price: $0.52
Market Cap: $29.66 billion
Trading Volume (24h): $3.29 billion
Circulating Supply: 56.56 billion XRP
Total Supply: 99.99 billion XRP
CoinMarketCap Ranking: #7
Recent developments highlight the weight of the legal battle on Ripple’s native token . Just yesterday, XRP was trading above $0.60 but now struggles around $0.52. This sharp drop followed the SEC’s appeal of a prior court ruling, which stated that secondary XRP sales do not qualify as securities transactions. Despite the current grim outlook, historical trends indicate that this dip could be a precursor to a strong rally, similar to the rebound seen after the SEC’s initial lawsuit in December 2020.
XRP/USD Market Analysis
Key Levels
Resistance: $0.54, $0.60, $0.65
Support: $0.50, $0.48, $0.38
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