Despite the favorable decision for Ripple in its battle with the SEC, XRP has not seen a strong recovery as it continues to maintain a downtrend.
Ripple Labs recently won a legal battle against the Securities and Exchange Commission (SEC), but this did not boost XRP price as expected.
Despite the favorable decision, XRP continues to face challenges. The ongoing market crisis has pushed the token’s price down to $0.4713, marking a down 12.15% this month.
Even before the drop, XRP was not doing well and now the situation is worse as XRP supply has hit a multi-month low and the price continues to fall.
XRP has reduced its sell-off
According to data, XRP supply on exchanges has decreased to 2.84 million, equivalent to $1.34 million at current market prices, marking the lowest level this year. The drop suggests that investors are holding fewer XRP tokens on cryptocurrency exchanges.
Several factors can explain this trend, such as investors possibly transferring their tokens to hardware wallets for safety and staking them on exchanges. decentralized finance (DeFi) platform Or simply hold these tokens and hope the price will increase in the future.
Recently, investors have suffered significant losses to their XRP holdings over the past 11 days, recording The loss amounted to more than 30 million dollars. This downturn is related to the widespread distribution of tokens amid the market crisis.
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