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- One of the major reasons that led to the downfall of XRP was due to the case filed by the SEC
- Litecoin on the other hand had a steady improvement of 56% until December and reached its highest of $135
XRP also known mostly as Ripple seems to be losing its position in the crypto market. As we all know that XRP has predominantly taken over the third position in the market for many years, but it is seen that it has given up its position and made way for Litecoin (LTC) to occupy the third position and falling down to the fourth position.
One of the major reasons that led to the downfall of XRP was due to the case filed by the SEC also called the US Securities and Exchange Commission. It passed a report a report stating that XRP had major security issues and hence from then on XRP has experienced its downfall. Its value nearly dropped by 68% and was also separated from Ripple and various companies that use RippleNet also rejected it.
Litecoin on the other hand had a steady improvement of 56% until December and reached its highest of $135, where it stopped due to resistance. From there on, it struggled to get over this value but did not succeed and finally ended up at a present value of $127. It has seen a 13% rise which put it in the third position pushing back XRP.
The fact that affected Litecoin’s improvement was XRP’s value decay rather than its improvement in the market.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
