XRP plummeted to a low of $0.435 on April 26 along with the rest of the cryptocurrency market after blockchain analytics company Arkham warned that wallets connected to Mt. Gox and the US government had transferred a lot of Bitcoin. The warning, though, was brought on by a “bug fix.”
The decline caused XRP to trade below the crucial mark at the daily MA 50 at $0.466 once more. On April 27, the bulls failed in their attempt to retake this level because the bears were not prepared to give up their position.
A total of 1,300,000 SMR tokens would be available in the reward pool for participants.
The bulls are still making attempts at recovery, but it is still in progress. XRP is still trading below the critical MA 50 level at $0.46.
XRP was trading at $0.459 at the time of writing, down 3.77% over the previous day. The value of the cryptocurrency has decreased by 6.55% during the previous week.
The importance of the daily MA 50 level is evident given that on April 22, XRP temporarily recovered close to this crucial level. The recovery, though, was fleeting, and XRP is currently trading in a range at this significant milestone.
Crypto lawyer reveals why he acquired XRP
John Deaton, the creator of CryptoLaw, explained on Twitter what led him to acquire XRP for the first time around seven years ago. In response to a user, Deaton stated that 2016 was the year he purchased his first Bitcoin (BTC), Ethereum (ETH), and XRP.
Deaton claims that the usefulness of XRP for cross-border payments and settlements at the time led to his acquisition of it. After the U.S.-based cryptocurrency exchange Coinbase featured XRP and highlighted its usefulness in 2019, he continued to raise his holdings of the cryptocurrency, he said.
