Ripple Soars 5%, Bitcoin Loses $28K: Market Watch

• Bitcoin (BTC) slipped back below $28K after charting a three-week high of almost $28,500 yesterday.
• Ripple (XRP) and Lido DAO are the exceptions as they have increased by similar percentages in the past 24 hours.
• The primary cryptocurrency had a relatively quiet week as its 7-day price range went into its lowest position in months.

Bitcoin Price Drop

After reaching a three week high of nearly $28,500 yesterday, bitcoin started to decline rapidly and is currently trading at under $28,000. Most altcoins have cooled off following yesterday’s gains, except for Ripple and Lido DAO who both saw similar increases in the past 24 hours. BTC’s 7-day price range has been quiet this week, with the most significant drop coming on Thursday when it traded below $26,000 to reach a two-week low.

Bulls Step Up

At that point bulls stepped in and drove the asset upwards again. When Sunday came around, bitcoin had returned to its normal trading level around $27,000. On Monday morning news broke out that the US government had finally reached an agreement on increasing the debt limit which resulted in a price jump up to $28,500 for the first time since May 9th.

Ripple Soaring High

Ripple (XRP) has seen strong growth lately and is currently trading at over 5% higher than it was 24 hours ago. This increase is likely due to recent developments within Ripple such as their partnership with Moneygram or their addition of new products and services like xRapid which are geared towards helping financial institutions move funds faster across borders using XRP tokens as bridges between different currencies.

Lido DAO Gains Momentum

Lido DAO has also soared by roughly 5% today following news that they had launched their staking rewards program live on Ethereum mainnet earlier this month. The program allows users to stake their ETH tokens in exchange for receiving LDO tokens which can then be used for various governance functions such as voting on proposals or creating new ones within Lido’s decentralized autonomous organization (DAO).

Stablecoin Outperformance

In other news stablecoins have continued their outperformance against other cryptocurrencies this month with Tether (USDT) maintaining its lead with over 60% dominance among all stablecoins according to data from CoinMarketCap. Other popular stablecoins such as Binance USD (BUSD), TrueUSD (TUSD), USDCoin (USDC), Gemini Dollar (GUSD), Paxos Standard Token (PAX), and Dai Stablecoin (DAI) have all seen decent gains recently as well albeit at much lower levels compared to USDT’s market share dominance of nearly 65%.