MEXCRipple (XRP) v Cardano (ADA): How Crypto Market Crash Affected Inflows
The crypto market recorded outflows in the last 48 hours with top assets like Ripple and Cardano showing similar numbers before a rebound. Wider crypto assets traded sideways last weekend and into this week wiping out previous gains. At press time the crypto market capitalization stands at $2.7 trillion, down 0.2% in the last 24 hours with volumes also falling to $71.5 billion.
While Bitcoin attempted a faster recovery, altcoins posted wider outflows. Ripple’s figures extended outflows amid the previous bearish trend. The asset’s sideways trading sparked conversations on the impact of regulatory challenges with the Securities and Exchange Commission (SEC) on the asset’s price.
Ripple Posts Wider Weekly Losses
Ripple price is slightly in the red zone with a 24-hour decline of 0.1%. This extended weekly figures to 4.1% as its bearish sentiments continue. This month XRP has seen a 1% drop affected by the wider crypto market plunge. While trading volumes pick up midday, Ripple still projects a run to end the year.
The market capitalization of XRP dropped to $27.5 billion while volumes stood at $1 billion. Trading at $0.496, Ripple is 87% behind its all-time high of $3 in 2018 but bulls continue to ignite around the price tapping $1 in the next market run. Regulatory hurdles also limited inflows leading to a weakened sentiment despite recent partnerships.
This year, Ripple announced partnerships with traditional financial institutions to broaden cross-border payments. This month, the company entered an agreement with Clear Junction to boost UK and EU cross-border payments.
Cardano Attempts Breakout
Unlike Ripple, Cardano recorded fewer outflows in the last 24 hours. The community dubbed ETH-killer is down 0.2% today recording a 3% weekly outflow. Hourly trading shows the asset slightly broke into the green zone before a slight correction. ADA exchanges hands at $0.4489 with a market capitalization of $15.5 billion. The asset saw an increase in daily volumes above $433 million with bulls anticipating higher flows should the market rebound.
Also Read: 4 Cryptos To Have For Long-Term Gains In 2024
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