While activity in the cryptocurrency market continues, XRP, which has shown a strong rally for the last four weeks, has experienced a sharp decline. The price of XRP dropped by 10% to $2.26. This decline dropped XRP’s market value below Tether. Meanwhile Bitcoin $96,937 and Ethereum 
$3,727 While mainstream cryptocurrencies such as Bitcoin rose, altcoins experienced losses. Ethereum gained 5% and Bitcoin gained 7%.
Conversion from Altcoins to Bitcoin and Ethereum
Swyftx Chief Market Analyst Pav Hundal explained that this move is related to the investor cycle. Hundal said, “Investors are turning from altcoins to major cryptocurrencies such as Bitcoin and Ethereum. “The expectation that Bitcoin’s rally will continue supports this trend,” he said. He also pointed out that the decline in XRP is part of the overall cycle in the market.
Crypto analyst Dark Defender described this decline as expected. “Side movements in the XRP price may continue for a while. “However, in the long term, we expect the price to reach the levels of $2.92 and $3.99,” he said. These comments suggest investors need to remain vigilant.
SEC Developments Promise for XRP
The changes on the SEC side created a positive atmosphere in the XRP community. Former US President Donald Trump’s nomination of Paul Atkins for the SEC Presidency was received positively by XRP holders. XRP supporters called Atkins “crypto-friendly” and a “logical candidate.” Analyst James Murphy emphasized the potential for this development to have a positive impact on the XRP price.
On the other hand, CryptoQuant CEO Ki Young Ju predicts radical changes in the altcoin season. “Bitcoin has now created its own league. “BTC-altcoin correlation is a thing of the past,” he said. Ju pointed out that altcoins need to develop innovative solutions.
Finally, noteworthy are the RLUSD stablecoin and four US Spot XRP ETF applications for XRP, which are expected to launch on XRPL and Ethereum. The appointment of a new SEC chairman could shape the future of XRP and other altcoins. However, it is important for investors to closely monitor market movements and make strategic decisions.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
