The cryptocurrency XRP has dipped below the $0.49 mark, reaching a one-month low amid an overall bearish crypto market and increased sell-offs. As of Wednesday, it's currently trading at $0.4898, with a reduced 24-hour trade volume of $703 million.
This downturn follows a seven-day period in which the digital currency registered daily losses on all but one occasion, falling over 9.7% to $0.4867. The decline began after a brief rally that saw XRP rise by 5.21% on October 3, following Judge Analisa Torres' verdict in the Ripple case. This led to XRP reaching its October peak of $0.5478, but the gains were short-lived.
By October 9, pro-XRP lawyer Bill Morgan noted that XRP had lost its gains from October 3 and was still above $0.50 but had since slipped further.
Several factors have contributed to this downtrend, including the ongoing Israel-Palestine situation and significant whale movements to exchanges like Bitstamp. Furthermore, the global crypto market cap has experienced a drop from its peak of $1.12 trillion, losing $70 billion within a week. This loss has also affected other risk assets such as Bitcoin (BTC) and Ethereum (ETH).
Additionally, Ripple's transfer of 60 million XRP and whales moving 61 million XRP to Bitstamp have raised concerns about potential further sell-offs.
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