XRP market cap tanks $2.5 billion in a week: Is this just the start?

As the bearish sentiment returns to the larger part of the cryptocurrency sector amid geopolitical uncertainties, XRP is no exception, having lost nearly $2.5 billion to its market capitalization in the last week alone, in addition to its price declining close to 9%.

Specifically, XRP’s market cap seven days ago stood at $28.19 billion, whereas at press time, it amounted to $25.78 billion, which means it has dropped by $2.41 billion or 8.55% in a matter of days, as per the latest information retrieved from the cryptocurrency monitoring platform CoinMarketCap on October 11.

XRP market cap 7-day chart. Source: CoinMarketCap

XRP price analysis

At the same time, the price of the XRP token has deteriorated by 3.06% in the last 24 hours, in addition to losing 8.96% to its value across the previous seven days and declining 0.53% on its monthly chart, and it is currently trading at $0.48, according to the most recent data.

XRP 7-day price chart. Source: Finbold

Meanwhile, one of the potential factors affecting the price of XRP includes the possible localized selling pressures stemming from the fact that blockchain company Ripple moved 60 million XRP on October 9 from the 200 million it retained from this month’s one billion XRP token unlock.

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On the other hand, Mexico’s central bank, Banco de México, has announced its attention to utilizing one of Ripple’s liquidity solutions, xRapid, as a pivotal bridge between the United States dollar (USD) and the Mexican peso (MXN), which could help propel the price of XRP in the future, as Finbold reported on October 9.

It is also worth noting that the token has a habit of reacting bullishly to any positive developments in the court case between Ripple and the US Securities and Exchange Commission (SEC), such as recently when Judge Analisa Torres rejected the regulator’s request for filing an interlocutory appeal to her earlier ruling that Ripple’s sale of XRP didn’t violate securities laws.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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