Bitcoin (BTC) Rejected at $31K Again, Ripple (XRP) Dumps 8% Daily (Weekend Watch)

After marking a new 13-month high yesterday at almost $32,000, bitcoin has been rejected once again and even dipped below $30,000 hours ago.

Most altcoins are also in the red today following the recent gains, except for DOGE, SHIB, OP, and a few others.

BTC Stopped

Most of the working week went by quietly for the primary cryptocurrency as the asset spent it trading sideways in a tight range between $30,000 and $31,000. All that, however, changed on Thursday evening when Judge Torres, presiding over the legal battle between Ripple and the SEC, ruled in favor of the blockchain company in regard to its native cryptocurrency.

BTC, along with the rest of the market, went on the offensive and spiked to just under $31,900 (on Bitstamp), which became the asset’s highest price tag in over a year.

However, bitcoin couldn’t maintain that run and quickly retraced by a grand. The landscape worsened yesterday evening as BTC dumped hard and slipped below $30,000 for the first time in a week.

Despite bouncing off that level and currently sitting a few hundred dollars above it, bitcoin is still 3% down on the day. Its market capitalization has tumbled to $590 billion after exceeding $610 billion yesterday. Its dominance over the alts sits at almost the same spot as yesterday at 48.4%.

BTCUSD. Source: TradingView

XRP Loses Some Momentum

As expected, Ripple’s native token was the most significant gainer after the judge’s ruling. It skyrocketed by almost 100% at one point and tapped $0.95 for the first time since December 2021, leaving millions of shorts liquidated.

However, it couldn’t maintain its run, either, and fell back down to $0.8 yesterday. Another 8% daily retracement has pushed it back down to $0.72 as of now. Similar losses come from Litecoin, Polygon, Bitcoin Cash, Polygon, and others.

ETH, BNB, ADA, SOL, DOT, and TRX are also in the red from the larger-cap alts. The two largest memecoins are among the few exceptions in the green, as both DOGE and SHIB are up by around 5% daily.

Optimism’s OP has soared by 7.5% in the past 24 hours and has reclaimed $1.5.

The total crypto market, though, is down by over $30 billion since yesterday to $1.220 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.


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