Cryptocurrency markets have seen outflows over the past 48 hours, with top assets such as Ripple and Cardano seeing similar outflows before rebounding. The broader crypto assets have traded sideways over the weekend and this week, erasing previous gains. At press time, the cryptocurrency market cap is $2.7 trillion, down 0.2% over the past 24 hours, with trading volume also down to $71.5 billion.
Bitcoin is attempting a quicker recovery, while altcoins are seeing more widespread outflows. Ripple’s figures extend outflows amid a previous bearish trend. The asset’s sideways trading has sparked discussions about the impact of regulatory challenges with the United States Securities and Exchange Commission (SEC) on the asset’s price.
Ripple’s weekly losses extend
Ripple’s price is slightly in the red, down 0.1% over the 24 hours. The weekly losses extend to 4.1% as bearish sentiment persists. This month, XRP is down 1% amid the overall cryptocurrency market slump. Despite a pickup in trading volumes midday, Ripple is still expected to see gains by the end of the year.
XRP’s market cap fell to $27.5 billion, while trading volumes remained at $1 billion. Ripple is trading at $0.496, 87% below its all-time high of $3 in 2018, but bulls continue to burn around the price, with hopes of hitting $1 in the next market rally. Regulatory hurdles have also limited inflows, leading to subdued sentiment despite recent partnerships.
This year, Ripple announced partnerships with traditional financial institutions to expand cross-border payments. This month, the company entered into a deal with Clear Junction to facilitate cross-border payments in the UK and EU.
Cardano Attempts a Breakout
Unlike Ripple, Cardano has seen less outflows in the past 24 hours. The community coin, dubbed the ETH killer, is down 0.2% today, with weekly outflows of 3%. Hourly trading shows that the asset slightly broke out of the green zone before a minor correction. ADA is trading at $0.4489 with a market cap of $15.5 billion. The asset’s daily trading volume has increased by more than $433 million, and bulls expect traffic to increase if the market rebounds.
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