XRP and Bitcoin Prices Decline Amidst US Recession Fears and Regulatory Uncertainty
XRP has seen a fourth consecutive decline amidst US recession fears and President Trump’s policies. The SEC’s upcoming meeting on March 13 may provide pivotal information regarding XRP’s status. Similarly, Bitcoin’s price has dipped below $80,000, affected by market sentiment and net outflows in the BTC-spot ETF market.
On March 10, XRP extended its losing streak to four consecutive sessions, closing at $2.0214. This downturn occurred amidst rising fears of a US recession, which reverberated through global markets, coinciding with the 4% drop of the Nasdaq Composite Index. Crucially, President Trump’s tariff and crypto policies have contributed to investor anxiety, prompting a flight to safer assets.
Trump’s recent Executive Order, which established a national Strategic Bitcoin Reserve (SBR), significantly aggravated market sentiments. His remarks on March 9 suggested a possible recession triggered by tariffs, adding to investor worries. These developments have placed XRP and the larger crypto market under significant pressure despite a notable shift in the SEC’s approach to US digital assets.
Moreover, anticipation surrounding the SEC’s Closed Meeting on March 13 adds a layer of complexity. The SEC is expected to clarify its appeal strategy concerning the challenged Programmatic Sales of XRP ruling in the ongoing Ripple case. Any shift in the SEC’s posture could influence XRP’s trajectory, particularly since recent lawsuits against exchanges Coinbase and Kraken were dismissed.
XRP’s performance is notably associated with its adoption, particularly in light of Ripple’s expansion plans and discussions around a potential US XRP spot ETF. Investor focus may shift significantly if the SEC opts to withdraw its appeal; this could enable XRP to deviate from broader market trends, thus providing new momentum.
On the same day, Bitcoin (BTC) dropped below $80,000 for the second time since the record high following Trump’s election victory. Influenced by dissatisfaction with the SBR Executive Order and ongoing recession fears, BTC remained under pressure, mirroring the broader crypto market which fell by 3.44%, taking the total market capitalization down to $2.52 trillion.
Market sentiment has been notably fearful, with statistics from Santiment indicating widespread associations of Bitcoin with lower price points. Despite this, they noted that since March 3, significant accumulation of Bitcoin has occurred among wallets holding 10 or more coins, suggesting that institutional interest might bolster prices in the near future.
The US BTC-spot ETF market continues to see outflows, with $739.2 million recorded in the week concluding March 7, marking variable institutional demand. As noted by Julio Moreno of CryptoQuant.com, the current year shows US spot ETFs are net sellers, unlike the previous year’s buying spree.
In summary, March 10 marked another challenging day for XRP and BTC, driven by geopolitical anxieties and regulatory uncertainties. The trajectory for both assets hinges upon key developments regarding the SEC’s actions and broader regulatory clarity in the US. Keeping track of these factors will be crucial for investors in anticipating market movements ahead.
In conclusion, the current downturn in both XRP and Bitcoin prices is significantly influenced by fears of a US recession, President Trump’s policies, and the SEC’s pending decisions. The upcoming SEC Closed Meeting may provide crucial insights that could impact XRP specifically, and broader market dynamics. Continued monitoring of institutional behaviors and regulatory clarifications will be essential for assessing future market performance.
Original Source: www.fxempire.com
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