TL;DR
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XRP recorded a 10% daily drop, with the broader market collapse adding pressure and sparking concerns about the end of the bull cycle.
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Pi Network’s native token bucks the bearish trend, surging 250% in a week, with speculation about a Binance listing fueling optimism.
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Meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), face steep declines as the SEC’s recent statement cast doubt on their utility and increase investor caution.
XRP Struggles to Float Above $2
The cryptocurrency market’s collapse has escalated in the past 24 hours, with countless digital assets plunging by double digits. Ripple’s XRP is among the biggest losers, tanking by 10% on a daily scale. It traded slightly above $2 over the past several hours before tanking below that psychological level (according to CoinGecko’s data).
While some industry participants believe the bull cycle might be over, some factors suggest that a resurgence is not out of the question.
One element that could bring back the green candles is the eventual resolution of the lawsuit between Ripple and the US Securities and Exchange Commission (SEC). The case remains ongoing for more than four years after its start, but some important developments signal that its outcome could be just around the corner.
For instance, the regulator has recently suspended lawsuits against some crypto entities, including Coinbase, Uniswap, and others. This has caused speculation that the legal battle against Ripple might be the next to be dismissed.
Some experts, though, have argued that the complexity of the case might be a hurdle. The popular US lawyer Jeremy Hogan said:
“The SEC broke up with Coinbase after a couple of dates. Ripple and the SEC live together and have a baby.”
He thinks dismissing the lawsuit against the company is unlikely, forecasting a settlement instead.
PI’s First Trading Days
Contrary to the bearish environment in the crypto market in the last several days, the native token of Pi Network has charted impressive gains. It has surged by over 250% on a weekly scale, reaching an all-time high of almost $3 on February 27 and currently trading at roughly $2.13.
Some market observers believe PI’s rally has yet to reach its full potential. They based the prediction on the assumption that Binance is about to list the token on its platform.
Not long ago, the biggest crypto exchange held a community vote to determine whether its users would want to see PI available for trading. The results became official on February 27, with over 86% of the voters clicking the “yes” option.
The Memes Bleed Heavily
Last but not least, we will touch upon the meme coin niche, which is also deeply covered in red. Leading tokens like Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Official Trump (TRUMP) have collapsed by double digits in the past 24 hours alongside the overall market slump.
The poor performance comes shortly after the SEC classified most meme coins as non-securities. At the same time, the agency claimed that these tokens “typically have limited or no use or functionality,” warning investors that they sit at the furthest end of the risk spectrum.
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