XRP's Price Slumps With Bitcoin Dip, BNB Outperforms Amid Crypto Regulatory Fog

The downtrend follows regulatory uncertainty in Washington after the federal bank regulator proposed rules to implement the GENIUS Act, which included restrictions on stablecoin rewards.

• Ripple’s XRP led losses among crypto major, with its price falling nearly 3% in the last 24 hours.
• CoinGlass data showed around $250 million in liquidations over the past day, split nearly evenly between long and short positions. 
• Binance Coin was the only gainer among the top 10 cryptocurrencies by market capitalization, while led Cardano led weekly gains.

Ripple (XRP) led losses among crypto majors by a large margin in the last 24 hours, as Bitcoin (BTC) edged lower and only Binance Coin (BNB) recorded gains among the top 10 cryptocurrencies by market capitalization.

XRP’s price fell 2.9% to around $1.41, with retail sentiment on Stocktwits trending in ‘bearish’ territory. Meanwhile, Bitcoin’s price edged 1.1% lower to around $67,700. Retail sentiment around the apex cryptocurrency moved lower to ‘neutral’ from ‘bullish’ over the past day.

The overall cryptocurrency market edged 0.5% lower, holding above the $2.4 trillion mark. CoinGlass data showed around $250 million in liquidations over the past day, with the wipeout evenly split between longs and shorts. Bitcoin accounted for nearly half of the liquidations with $76 million in forced unwinds, followed by Ethereum’s $66 million.

The downtrend follows regulatory uncertainty in Washington after the Office of the Comptroller of the Currency (OCC) proposed rules to implement the GENIUS Act, which included restrictions on stablecoin rewards. The proposal also came at a time when the CLARITY Act is stuck in limbo with a month-end approaching for banks and the crypto industry to finalize a deal. 

BNB Leads Gains Among Crypto Majors

BNB’s price edged 0.2% higher in the last 24 hours to around $631. It has gained 3.6% in the last seven days, while Bitcoin’s price is only up by 0.7%. Retail sentiment around BNB on Stocktwits remained in ‘bearish’ territory over the past day. 

However, in terms of weekly gains, Cardano (ADA) leads among crypto majors, up 7.8% in the last seven days. Cardano’s price edged 0.8% lower in the last 24 hours to around $0.29. Retail sentiment around the altcoin on Stocktwits remained in ‘bullish’ territory over the past day, with chatter at ‘high’ levels. 

One bullish user forecast that Cardano’s price is likely to reach $0.75 by April.

Ethereum (ETH) continued to trade above $2,000, with retail sentiment on Stocktwits around the token remaining in ‘bearish’ territory over the past day. ETH’s price fell 1.7% in the last 24 hours to around $2,037. 

Dogecoin (DOGE) dropped around 1.5% in the last 24 hours while Solana (SOL) edged 0.3% lower. 

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