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7 December 2023
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Market Watch: Ripple (XRP) Crashes 20% and Loses The 3rd Spot to Tether

Despite recovering the recent losses, BTC failed to overcome $24K. XRP continues to bleed out following the SEC charges and has lost around 20% in the past 24 hours alone.

A few days after the price dip beneath $22,000, bitcoin has recovered most losses and even took another swing at $24,000 earlier today. Most altcoins have remained relatively steady, apart from XRP. The recently announced charges from the SEC have plummeted the token’s value.

Bitcoin Eyes $24K

Bitcoin has been on a wild ride in the past several days. It began by painting a new all-time high of about $24,300, but the subsequent rejection drove the asset down by more than $2,000 in hours.

BTC initially bounced off and reclaimed $23,000, but it was short-lived. Nevertheless, bitcoin initiated another impressive leg up in the past 24 hours. At the time of this writing, BTC is trading at around $23,500.

Naturally, the most significant resistance to consider ahead is the current all-time high, though the markets are particularly volatile and extreme caution is advised.

Alternatively, the support lines at $22,700, $22,300, and $21,950 could assist in case of another vigorous price drop.

BTC/USD. Source: TradingView

Stalling Alts, Plummeting XRP

Most alternative coins have been rather calm on a 24-hour scale. Ethereum has registered minor gains and has increased above $616. Binance Coin and Polkadot have also expanded to above $33 and nearly $5, respectively.

Litecoin has gained the most from the top ten with an 8.7% surge to $110. In contrast, Cardano and Bitcoin Cash have lost some steam.

However, Ripple has continued to dump in value. As reported yesterday, the SEC pressed formal charges alleging that the payment processor conducted a $1.3 billion unregistered security offering. As a result, XRP’s price has nosedived by more than 21% in a day to $0.36.

Cryptocurrency Heatmap. Soource: QuantifyCrypto

THETA is the most impressive gainer with a 12% surge, and the asset has exceeded above $1.1. Monero (6%), UNI (6%), Nexo (5%), NEM (5%), THORChain (5%), Kusama (5%), and MaidSafeCoin (5%) follow.
In contrast, Stellar has dropped by 7%, HedgeTrade by 5.5%, and Ocean Protocol by 5%.

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