Developments at Silvergate Bank and Silicon Valley Bank (SVB), respectively, have led to a very active course in the cryptocurrency market in recent weeks. The volatility of the cryptocurrency market has increased significantly. XRP has mostly moved against the market over the past 1-week timeframe, starting trading at $0.36 following recent price action.
The market will not stop
Developments in recent weeks have led to a period of volatility in the cryptocurrency market. The leading cryptocurrency Bitcoin (BTC) started trading at the $20,500 price level and recorded an increase in value by the end of the week after falling back to the $19,600 price level this week. The total cryptocurrency market value fell below $1 trillion this week, according to the latest data from CoinMarketCap. Moreover, volatility in the cryptocurrency market has increased significantly in the process. According to Coinglass, more than $1 billion in short and long positions were liquidated in the past week. Ethereum (ETH), along with the price action recorded throughout the week, started trading at the $1475 price level.
XRP is at a critical price level
The cryptocurrency market has been extremely volatile over the past 1-week timeframe, with XRP largely moving in the opposite direction of the market. While XRP diverged relatively positively in the market during a week when Bitcoin fell sharply, it has turned lower again since last Friday as the market rallied. According to CoinMarketCap data, XRP is down nearly 3% over the past 1-week time frame, having started trading at the $0.36 price level after the last price change. In addition, the market value of XRP fell below $20 billion again after falling in the previous few days. On the other hand, XRP’s total trading volume has dropped by an average of 40% over the past 24 hours.
The information contained herein does not constitute investment advice. Investors should know that cryptocurrencies are risky due to their high volatility and should base their trades on their own research.
Information source: compiled from COIN-TURK by 0x information.Copyright belongs to the author Ali Eren Girişken and may not be reproduced without permission