FXStreet Team
FXStreet
Ripple (XRP) price drops and trades at $2.76 at the time of writing on Friday, falling from $2.86 and marking a 3.19% decline in the last 24 hours. The daily trade volume climbed by 31.38% to hit $8,862,170,342.02. Volume increase amidst a price decline can be interpreted as profit-taking or repositioning by crypto traders ahead of the next move in XRP price.
XRP gained 8.99% in the last 7 days, and the total market capitalization currently hits $165,236,738,103.43.
In the last 24 hours, Plasma, OKB and Mantle rallied, emerging as top gainers while Story, Aster, Avalanche declined, ranking as top losers in the market.
Token launches influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence crypto assets mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs.
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Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) continue to struggle under bearish pressure as the week wraps up, having corrected by nearly 5%, 12%, and 8%, respectively.
Story (IP), Aster (ASTER), Flare (FLR), and Avalanche (AVAX) are leading losses over the last 24 hours as the broader cryptocurrency market faces a sell-off.
Nine European Union (EU) banks are collaborating to launch a fully compliant euro-backed stablecoin, aiming to rival US-dollar-denominated crypto assets in the region.
Centrifuge has rolled out a tokenized version of the S&P 500 index, the Janus Henderson Anemoy S&P 500 Fund (SPXA), on the Base blockchain.
Bitcoin shows strength, continuing its three consecutive weeks of recovery and holding steady above $116,000 on Friday. The recovery extends following the dovish Federal Reserve stance.
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