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Monday, July 22, 2024

XRP Jumps 4% Following Another Ripple Win Against SEC, BTC Stalls Above $27K (Market Watch)

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Bitcoin’s price performance has stalled once again as the asset remains stuck in a tight range at around $27,500.

Most altcoins are also calmer today, aside from Ripple’s native token, following the latest court victory against the US Securities and Exchange Commission.

BTC Calms at $27.5K

Bitcoin pumped to $27,000 at the end of September, and the general expectations for October were that it will be a positive month, given the past decade’s performance. And its start didn’t disappoint as BTC skyrocketed on October 1 and 2 by over a grand and a half.

The rally took the cryptocurrency to a six-week peak at around $28,600. However, the bulls failed to keep the momentum going, and the asset started losing value rather rapidly.

The following day or so was not all that positive, and bitcoin retraced back down to $27,500. The past 24 hours have been quite uneventful as the asset has remained stuck at the same level with little-to-no movements in either direction.

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As such, its market capitalization has remained glued to the $535 billion mark. Its dominance over the altcoins is also at the same spot as yesterday – 49.4%.

BTCUSD. Source: TradingView

XRP Up 4%

Most altcoins have charted minor losses today. Ethereum and Binance Coin are down by just over a percent to $1,644 and $212, respectively.

Dogecoin, Toncoin, and Polkadot have seen similar decreases. More losses, though, come from the likes of Solana, Cardano, Litecoin, and Bitcoin Cash. In the case of BCH, the drop is around 5%, which has pushed it south to $230.

Ripple and Avalanche stand on the opposite corner. The former’s native token is up by almost 4% following the latest win against the SEC in US courts. AVAX has pumped by a similar percentage to close to $10.

Overall, though, the total crypto market cap has seen a few billion gone daily and is dow to $1.080 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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