Ripple’s XRP Plunges as SEC Brief Stokes Legal Woes

• SEC’s remedies brief impacts Ripple’s XRP, prompting a price drop to $0.5217.
• XRP market cap drops to $28.87B as trading volume plunges 36.7% amid bearish trends.
• Technical charts indicate continued bearish momentum and potential further declines.

In the preceding 24 hours, the cryptocurrency landscape has endured a notable slump, contracting by over 1.5% to establish a market valuation of $2.3 trillion. This dip has particularly taken its toll on Ripple’s XRP token, which hovers precariously near the $0.52 threshold. As of press time, XRP is trading at $0.5217, marking a 2.99% reduction from its previous day’s valuation.

XRP/USD 1-Day Chart (Source: CoinMarketCap)

The downturn extends beyond XRP’s price to affect its overall market performance. In relation to Bitcoin, XRP has diminished by 1.65% over this same stretch of time. Further insights into XRP’s market behavior reveal a significant contraction in trading activities. 

XRP’s intraday market cap has fallen by 2.56%, landing at $28,866,077,273. More dramatically, its 24-hour trading volume has plummeted by 36.70%, reaching just $1,165,822,641. These figures suggest a withdrawal of investor eng…

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