Impact of Crypto Market Crash on Inflows

Exciting developments in the crypto market over the last 48 hours! Ripple and Cardano have been making waves, but with a twist. The overall crypto assets seemed to flatten out last weekend, erasing some of the gains we’ve seen. As of now, the market capitalization holds steady at $2.7 trillion, experiencing a slight 0.2% drop in the past day, and volumes have also dipped to $71.5 billion.

While Bitcoin has been trying to bounce back swiftly, altcoins like Ripple have seen more significant outflows. The recent sideways movement by Ripple has raised discussions about how regulatory challenges could be impacting its value, particularly due to concerns with the Securities and Exchange Commission (SEC).

Ripple’s Rollercoaster Ride

In the world of Ripple, things have been slightly rocky. With a 24-hour decline of 0.1% and a weekly drop of 4.1%, the trend is on a slight downward slope. The month has not been friendlier, witnessing a 1% decrease due to the broader crypto market downturn. Despite a pickup in trading volumes during midday, Ripple enthusiasts still hold out hope for a potential upturn before the year ends.

The value of XRP has dipped to $27.5 billion, with volumes at $1 billion. Currently trading at $0.496, Ripple is a far cry from its peak of $3 in 2018, yet enthusiasts believe it could hit $1 in the coming bullish wave. Despite facing regulatory obstacles that have hindered inflows, recent partnerships have boosted confidence.

Ripple has been setting up partnerships with traditional financial institutions to improve cross-border payments, with a recent deal struck with Clear Junction to enhance UK and EU transactions.

Cardano Makes its Move

As for Cardano, things are looking a bit different. Unlike Ripple, Cardano has experienced fewer outflows in the past 24 hours. Known as the ETH-killer, it’s down by 0.2% today, showing a 3% weekly outflow. While there was a momentary shift into positive territory in hourly trading, ADA is currently valued at $0.4489, boasting a market capitalization of $15.5 billion. Daily trading volumes have surpassed $433 million, leaving many hopeful for a surge if the market takes a turn for the better.

Also Read: 4 Cryptos To Have For Long-Term Gains In 2024

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