Why XRP Price is Dropping?

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After teasing a potential macro bullish breakout earlier this week, Ripple Labs-backed XRP price dropped over 11 percent in the past 24 hours to retest the crucial support level of around 54 cents on Thursday during the early Asian session. The large-cap altcoin, with a fully diluted valuation of around $54 billion and a daily average traded volume of about $3.3 billion, was the largest loser among the top 50 crypto assets in the past 24 hours. 

Major Factors that Contributed to XRP Price Drop Today Investors’ Disappointment In SEC’s Decision to File Appeal Case

The initial market hype and FOMO triggered by the announcement that Bitwise filed an XRP ETP with the US SEC dramatically waned after the agency filed an appeal to Judge Analisa Torres’ ruling. XRP investors expressed notable disappointments amid an anticipated bullish breakout to a new all-time high.

With the SEC’s appeal case likely to take several quarters before conclusion, most XRP holders are now diversifying their portfolios into other well-positioned altcoins. Moreover, the crypto industry is expected to register a fresh bull run akin to Gold in the near term, which will mostly favor altcoins.

Whales Sell-off