Even though XRP had quite a rough start to the year, it managed to buckle up and get in on the ride. However, the asset was seen getting destroyed by the bear, similar to all the other existing coins in the market.
The chances of Bitcoin [BTC] slipping to $30K weren’t very bleak as the bears were taking over the market. At press time, BTC was trading for a low of $31,444. Ethereum [ETH] ended its stay over $2K and dropped down. The altcoin endured a loss of about 11% just this week.
XRP managed to stay in the top ten while its price took a drastic hit. At the time of writing, the altcoin was trading for $0.59, with a 3.03% dip in the last 24-hours. Throughout the week, the coin managed to linger near $0.60, but the bear managed to pull the altcoin below that price range.
In addition to this, the altcoin’s market cap was at $27.49 billion, which allowed it a complimentary stay in the top ten as the sixth largest cryptocurrency.
XRP one-hour price chart on Binance
The short-term price chart of the altcoin announced the bear’s presence as all the indicators inclined towards the same. The Awesome Oscillator indicator used in the chart laid out red closing bars, which affirmed a bearish momentum. The Chaikin Money Flow indicator was deep in the bearish arena as the marker was close to the negative 0.20 median.
The Money Flow Index indicator suggested that there was no significant buying or selling activity in the short-term chart of the XRP market.
Alongside this is the Ripple vs. SEC case that is still ongoing. Bloomberg revealed that Ripple could now question the official that was previously involved in the case. This was considered a significant boost to the case that is still in court.
William H. Hinman, the former director of the SEC’s Division of Corporation Finance, would be under the court’s purview. In a recent hearing, the U.S. Magistrate Judge Sarah Netburn stated,
“This is not a run-of-the-mill SEC enforcement case.” [Even though the case wouldn’t open “flood gates” the case] “involves significant policy decisions in our markets, the amount in controversy is substantial and the public’s interest in this case is significant.”