After a rocky week for cryptocurrencies, some altcoins are showing signs of potential recovery, with XRP, Litecoin (LTC), and Stellar (XLM) leading the way.
“XRP, Litecoin (LTC), and Stellar (XLM)” these three digital assets are starting to look better, according to data analytics firm Santiment, even though the overall crypto market has been down in the last week.
Santiment’s measurements, which look at the difference between how much the market says these assets are worth and how much they’re actually being used, show that traders have lost a lot of money. This suggests that the downward trend could continue. However, there’s still hope because some altcoins are holding up.
In the past seven days, XRP’s value dropped by 16.2%, but it went up by 1.9% in the last 24 hours. Even though the whole market has been struggling, this recent increase gives us some hope that XRP might do better.
Bitcoin and Ethereum, which are the biggest cryptocurrencies, both went down by 11.2% and 9.0% in the last week. Binance Coin (BNB) also dropped by 10.3% in the same time.
Regulatory concerns
But it’s really important to understand this information in the right way. The cryptocurrency market is known for changing a lot and really quickly. The prices can go up and down a lot, and this can happen suddenly. Things like rules changing or big things happening in the economy can make a big difference in how the crypto world works.
One big deal right now is the legal fights between the industry and the SEC, which is the US Securities and Exchange Commission. They’re arguing about how things work with Ripple and XRP, a cryptocurrency. The SEC doesn’t agree with a court’s decision from July that said Ripple’s sales and XRP don’t mean investors will make money from other people’s work. The SEC also thinks XRP isn’t like putting money into something and getting money back.
We’re about to see some important things happen with Bitcoin ETFs in the next weeks. A person named Nate Geraci tweeted about how everyone’s really interested in the Grayscale lawsuit’s decision and what the SEC will do with lots of requests, like the one from BlackRock.
This timing is even more important because the Grayscale decision is going to happen before the SEC makes its choices.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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