Bitcoin (BTC) rejected again at $31,000, Ripple (XRP) loses 8% daily (weekend observation)

After hitting a fresh 13-month high near $32,000 yesterday, Bitcoin was rejected again, even falling below $30,000 hours ago.

With the exception of DOGE, SHIB, OP, and a few others, most altcoins are also in the red today after recent gains.

BTC stopped

Most of the working week was quiet for the primary cryptocurrency as the asset traded sideways in a tight range between $30,000 and $31,000. However, all that changed on Thursday night when Judge Torres, who is leading the dispute between Ripple and the SEC, ruled in favor of the blockchain company regarding its native cryptocurrency.

BTC went on the offensive along with the rest of the market, surging to just under $31,900 (on Bitstamp), marking the asset’s highest price in over a year.

However, Bitcoin failed to sustain this surge and quickly fell back by multiples. The situation worsened last night as BTC plummeted, falling below $30,000 for the first time in a week.

Although bitcoin has recovered from this level and is currently a few hundred dollars above it, it is still down 3% on the day. The market cap has fallen to $590 billion after surpassing $610 billion yesterday. His dominance over the alts is almost the same as yesterday at 48.4%.

BTCUSD. Source: TradingView

XRP is losing some momentum

As expected, Ripple’s native token was the biggest winner following the judge’s verdict. It shot up almost 100% at times, hitting $0.95 for the first time since December 2021, liquidating millions of short positions.

However, it also failed to sustain its advance and fell back to $0.8 yesterday. Another 8% daily retracement has brought it back down to $0.72 so far. Similar losses are seen in Litecoin, Polygon, Bitcoin Cash, Polygon, and others.

ETH, BNB, ADA, SOL, DOT, and TRX are also in the red against the larger altcoins. The two largest memecoins are among the few exceptions in the green, as both DOGE and SHIB are up around 5% daily.

Optimism’s OP is up 7.5% over the past 24 hours and has recaptured $1.5.

However, the overall crypto market is down over $30 billion as of yesterday to $1.220 trillion at CMC.

Overview of the cryptocurrency market. Source: Quantify Crypto
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