After oscillating around the resistance level for the entirety of the previous week, Bitcoin’s price began trading below the US$19,000 mark early on Monday during trading in Asia. Ethereum and most other tokens ranked among the top 10 cryptocurrencies by market capitalization dropped in value. XRP has again withstood the influence of more significant market factors and ended the day in the green.
According to CoinMarketCap, Bitcoin‘s price has decreased by 0.6% in the past 24 hours to trade at US$18,817 at 9:30 a.m. in Hong Kong, while Ethereum’s price has decreased by 1.8% to US$1,296. The worst performance among the top 10 was turned in by Solana, which saw its share price fall by 3.4% to US$32.3. Dogecoin, the leading meme coin, had its value decrease by 2.6%, bringing its seven-day increase to 5.5%.
Since its much-anticipated upgrade to a proof-of-stake network on September 15, Ethereum’s price has not been able to rebound, even though many analysts had projected that the change would cause an increase in the asset’s price. Since “The Merge,” the token has experienced a decline of over 20%.
The price of XRP, which is the native token of the XRP Ledger and which is responsible for powering Ripple’s payment network, increased by 2.1% on the first trading day of the new week to reach $0.49 per token. As a direct result of this latest development, the value of XRP has increased by close to 35 percent compared to the previous week.
As Ripple Labs and the United States Securities and Exchange Commission (SEC) seeks a summary judgment in their ongoing legal dispute, data from LunarCrush suggests that social engagements and mentions of XRP spiked after the previous week.
On Friday, U.S. stock prices experienced a downward trend throughout the trading session, which resulted in an overall loss for the day. At the trade of the closing session, the Dow Jones Industrial Average had finished a loss of 1.6%, the Nasdaq Composite Index had finished a loss of 1.8%, and the S&P 500 Index had finished a loss of 1.7%.
The value of the United States Dollar Index reached a high that had not been seen in the previous 20 years after the Federal Reserve increased interest rates by three-quarters of a point. Over the previous year, MarketWatch’s index has seen a rise of greater than 20%.
Featured Image: DepositPhotos © artjazz