Despite positive news for Ripple, XRP's value continues to decline. We examine the circumstances behind this occurrence.
Current XRP Situation
Despite the positive news about the lawsuit conclusion between Ripple and the SEC, XRP continues to lose its value. After a brief surge to $2.6 in March, the asset's price failed to hold and dropped below $2.1.
Factors Influencing the Price Drop
The price drop may be linked to the overall crypto market correction and the 'sell-the-news' events. Factors such as large sell-offs by major holders after the price surge may also contribute to this decrease.
Role of Major Market Players
Large market players, or 'whales', have offloaded significant amounts of XRP, contributing to the price drop. About 1.12 billion XRP were sold within the last 48 hours, accentuating the asset's price decline.
Despite Ripple's legal victories, the market situation remains challenging. Large investor sell-offs only increase volatility and downward pressure on XRP prices.
