Today once again a big fall was seen in Ripple Cryptocurrency Value. At the time of writing, Ripple was trading at $2.33, which is around ₹197 in Indian Rupees. XRP has fallen by more than 5% in the last 24 hours, bringing its market cap to around $133.42B. XRP The trading volume in the last 24 hours was around $9.71B, which has seen a decline of about 26%. Even after this decline, XRP remains the fourth largest cryptocurrency in the crypto market after BTC, ETH and USDT.
Reasons for the decline in Ripple Cryptocurrency Value
The fall in the price of Ripple (XRP) is mainly due to the decline in the entire cryptocurrency market. Recently, Bitcoin (BTC) crossed the $100K milestone for the third time, but once again it broke below $100K. This decline put pressure on the prices of not only Bitcoin, but also other cryptocurrencies, especially XRP.
Rapid selling started by crypto traders in the race to book profits, due to which the selling pressure on BTC increased and the entire market plunged into red. Due to this pressure, the prices of other Altcoins including XRP also fell.
However, experts believe that the impact of BTC fluctuations on XRP may be less in the coming days. The main reason for this is the possible approval of XRP ETF (Alternate-Traded Treasure), about which positive expectations are being expressed. If the XRP ETF launches, it could boost altcoin prices, leading to a possible return of XRP to the market.
Conclusion
The recent decline in the price of Ripple (XRP) was mainly due to Bitcoin (BTC) and other cryptocurrencies. However, XRP’s market position remains strong and experts believe that its performance may improve in the times to come, especially after the possible approval of an XRP ETF. If the XRP ETF is launched, it could boost its price, allowing it to emerge strongly in the crypto market again. Despite the market fluctuations at this time, the forecast for XRP remains positive.
Also read:MemeFi Day-to-day Codes For November 15, Earn Virtual Coins
