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In the ever-evolving world of cryptocurrencies, XRP and DOGE, previously soaring high, have recently experienced a downturn. As of August 17th, these digital currencies have encountered significant declines in their prices, creating a confusing scenario amidst a backdrop of positive fundamental changes.
XRP, the native cryptocurrency of the XRP Ledger developed by Ripple Labs, has seen a 10% drop over the past week. In contrast, DOGE, the famous meme-inspired coin, has fared worse, with a notable 13% decrease during the same trading timeframe. Interestingly, this aligns them with other struggling assets like MATIC, which is down 13%, and SHIB, the Shiba Inu token, which has decreased by 15% in this period.
The falling values of these altcoins are particularly striking, especially when taking into account their recent progress. Notably, it’s not only these two coins that are facing sell-offs; traders appear to be more willing to part with DOGE and SHIB, major meme coins, along with certain decentralized finance (DeFi) tokens. Remarkably, UNI, the leading decentralized exchange (DEX) token, has also faced a 15% decline, despite its vital role in the DeFi ecosystem. Likewise, LDO, which supports the largest DeFi protocol by total value locked (TVL), has experienced a 10% drop.
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This trend becomes even clearer when examining the larger altcoin market. While Bitcoin has been experiencing price volatility, altcoins seem to be contending with heightened selling pressures. As Bitcoin’s price fell below the “bull flag” on the daily chart, signifying a bearish trend, altcoins felt the repercussions of this market shift.
It’s important to recognize that the connection between Bitcoin and altcoins is fundamentally intertwined. Due to this correlation, any decline in Bitcoin’s price could potentially amplify losses for altcoins. Even though Bitcoin maintained a bullish position within the trading range from June to July 2023, its downward movements could cast a shadow over the altcoin market in the foreseeable future.
The recent decline in XRP’s fortunes follows a significant legal victory for the cryptocurrency. A U.S. court ruled that XRP is not classified as a security, overturning the Securities and Exchange Commission’s (SEC) position. This temporary success lifted Bitcoin to $31,800 and briefly pushed XRP above $0.80. However, XRP’s current decline of 10% in just the last week seems to steer it back toward the $0.45 range.
Conversely, DOGE, celebrated for its whimsical origins, has an intriguing initiative on the horizon. The forthcoming “Mission DOGE-1,” scheduled for later this year, will be entirely funded using DOGE coins. Although the mission experienced initial delays, its unconventional funding method adds an additional layer of intrigue to the cryptocurrency landscape.
The post XRP, Dogecoin (DOGE) Post Worrying Losses In Top-10; What’s Happening? appeared first on BitcoinWorld.
