XRP fell more than 12% to $0.381 on July 5, hitting its lowest level in three months. This decline is thought to have been triggered by the impact of massive sell-offs in the Bitcoin market and the effects of the US Securities and Exchange Commission (SEC) hearing on Ripple. Additionally, the German government must liquidate the seized Bitcoins and Mt. Gox exchange's start to refund 140,000 Bitcoins to its creditors also caused negative effects on the market.

Developments in the XRP Market$XRP

According to reports from the German government, it is stated that it still has cryptocurrency reserves worth $ 2.4 billion. Mt. Speculations continue about how much of the Bitcoins returned from the Gox exchange will be sold. These uncertainties caused declines in the market values ​​of other altcoins such as XRP, Ethereum and BNB. The daily correlation coefficient between XRP and Bitcoin was measured at 0.94 as of July 5, indicating a high correlation between the two assets.

Investors who want to compensate for losses in the Bitcoin market tend to close their altcoin positions. This triggers a decline in the overall cryptocurrency market. XRP investors are more cautious about Bitcoin sales risks, and this negatively affects the altcoin market. The XRP price drop on July 5 was further exacerbated by large long position liquidations in the futures market. More than $7 million in long positions have been closed in the XRP futures market in the last 24 hours, indicating that investors are reducing their positions in anticipation of a decline.

The decline in XRP price is also accompanied by a decrease in open interest and funding rates. As of July 5, the total value of outstanding XRP contracts dropped to $524.74 million compared to the day before. This decline shows that investors tend to take less risky positions in the market. The decline in funding rates indicates that the demand for long positions has decreased and investors are acting more carefully.

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