Why is XRP price down today?
XRP’s price decline is triggered by massive Bitcoin selloffs and the SEC reiterating about the $2 billion penalty demand from Ripple.
XRP (XRP) fell by over 12% to $0.381 on July 5, its lowest level in three months. The cryptocurrency’s decline mirrored downside moves elsewhere in the crypto market, led by signs of massive selloffs in the Bitcoin (BTC) market and the U.S. Securities and Exchange Commission’s (SEC) response to Ripple.
Today’s decline in XRP’s price is primarily attributed to reports that the German government is liquidating hundreds of millions of dollars worth of Bitcoin seized from criminals while still retaining $2.4 billion worth of cryptocurrencies in its reserves.
Furthermore, the now-defunct Mt. Gox exchange has commenced the long-awaited return of over 140,000 BTC to its creditors. This development has sparked speculation about how much of the $8 billion worth of Bitcoin will be sold.
XRP’s price decline is triggered by massive Bitcoin selloffs and the SEC reiterating about the $2 billion penalty demand from Ripple.
XRP (XRP) fell by over 12% to $0.381 on July 5, its lowest level in three months. The cryptocurrency’s decline mirrored downside moves elsewhere in the crypto market, led by signs of massive selloffs in the Bitcoin (BTC) market and the U.S. Securities and Exchange Commission’s (SEC) response to Ripple.Today’s decline in XRP’s price is primarily attributed to reports that the German government is liquidating hundreds of millions of dollars worth of Bitcoin seized from criminals while still retaining $2.4 billion worth of cryptocurrencies in its reserves.Furthermore, the now-defunct Mt. Gox exchange has commenced the long-awaited return of over 140,000 BTC to its creditors. This development has sparked speculation about how much of the $8 billion worth of Bitcoin will be sold.Read more