• XRP was the fourth-largest cryptocurrency by market capitalization.
• The token has seen less demand in the past few weeks.

At $37.39 billion, Ripple [XRP] has once again displaced Binance [BNB] coin as the fourth largest crypto asset by market capitalization.

Read Ripple’s [XRP] Price Prediction 2023-24

 XRP’s market cap first rallied to this position as the token’s trading volume surged in the few weeks that followed Judge Analisa Torress’ ruling, which declared that Ripple’s sale of XRP tokens in 2020 did not qualify as the sale of an “unregistered security.”

Following the ruling, investors shifted their attention to altcoins causing their volume dominance to jump to a four-month high, research firm Kaiko noted in a recent report.

Since the 13 July ruling, XRP’s value has increased by 51%. At press time, the altcoin exchanged hands at $0.7097. With an impressive 49% jump in price in the past month and a corresponding market cap growth, XRP’s current price set up on a daily chart revealed that a correction might be near.

Maybe now is not the time to ape in

A look at XRP’s Moving Average Convergence/Divergence indicator (MACD) on a D1 chart revealed that the alt commenced a new bear cycle on 25 July. This indicator tracks trends and potential momentum changes concerning an asset’s price. It consists of two lines, the MACD

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Author: Abiodun Oladokun

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