Crypto Market Cools Down: Bitcoin Falls Below $30K Amidst XRP Ruling Fallout
By Alex Turner
- July 16, 2023
Cryptocurrency prices experienced a significant cooldown on Friday afternoon, following the exhilarating rally the day before. The surge came as Ripple Labs scored a court victory for its XRP token, driving altcoins into a frenzy. However, the excitement was short-lived as Bitcoin (BTC), the leading cryptocurrency, took a hit, tumbling below the $30,000 mark, representing a more than 5% drop from the previous high of $31,800. Similarly, Ether (ETH), the second-largest crypto, retreated to $1,900, marking a 4% decline after reaching a three-month high above $2,000.
XRP, which had been at the center of attention, dropped to approximately $0.69, a 25% decrease from the peak of $0.93 recorded the day before. Although it briefly surpassed Binance’s BNB as the fourth-largest cryptocurrency by market cap, the price decline today pushed it back to the fifth spot.
The impact of the XRP ruling and market sentiment also affected other major altcoins. Cardano’s ADA and Polygon’s MATIC, the tokens of smart contracts platforms, experienced a more than 5% decline on Friday afternoon, despite having seen positive gains over the past two days. The CoinDesk Market Index, used to measure crypto market performance, showed an overall decrease of about 4% in the past 24 hours.
Craig Erlam, senior market analyst for foreign exchange market maker Oanda, expressed his views on Bitcoin’s current status, stating that it is still consolidating as an instrument. While Bitcoin briefly broke above $31,000, Erlam believes that the move doesn’t appear “particularly convincing at this stage.”
