XRP Price Plunge: Why is it Down This Week?

Ripple’s XRP has experienced a significant downturn this week, lagging behind major cryptocurrencies like Bitcoin, Ethereum, BNB, and Solana. Currently trading around $2.37, the price of XRP has dropped over 5% in the last seven days, with a notable 3.4% decline within the past 24 hours, according to data from CoinGecko. This decline interrupts XRP’s recent upward trend that began on March 19 after news about Ripple’s settlement with the SEC. As part of the agreement, Ripple will pay $50 million of the original $125 million fine imposed by the SEC. Additionally, the SEC is expected to request the court to lift the earlier injunction against Ripple. However, the process is still ongoing.