XRP 20% price crash erases SEC gains, wipes $5B off market cap
source link: https://cryptoslate.com/xrp-price-20-crash-erases-sec-gains-wipes-5b-off-market-cap/
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
XRP 20% price crash erases SEC gains, wipes $5B off market cap
XRP's 20% plunge joins wider market downturn, erasing gains from ripple's legal triumph.
Cover art/illustration via CryptoSlate
Ripple’s XRP lost more than $5 billion of its market capitalization after Thursday’s late-night market meltdown liquidated $1 billion from crypto traders.
Data from CryptoSlate shows that XRP is among the top 10 losers for Aug. 18, plunging by more than 20% during the reporting period to as low as $0.473. This is the highest drop among the top 50 crypto assets by market cap.
The abrupt price shift resulted in its market capitalization dropping to approximately $25 billion from its previous peak of $31 billion, as indicated by data from CryptoSlate.
XRP 24-hour drop wipes out Ripple victory gains
The over 20% drop wiped out almost all the gains XRP’s price had made since Ripple secured a partial victory in its case against the U.S. Securities and Exchange Commission (SEC).
On July 13, a day before Judge Analisa Torres ruled that programmatic sales of XRP cannot be classified as securities, the token was trading at $0.4757.
However, its value spiked by more than 90% on July 14 after Judge Torres’s favorable ruling became public, and several U.S.-based crypto exchanges, including Coinbase and Gemini, began to relist the digital asset.
Since then, XRP’s price has been on a gradual decline, dropping over 37% of its value over the past month, and the recent market actions catalyzed its return to under $0.50, just a few pennies shy of its pre-Ripple victory levels.
Meanwhile, XRP has rebounded to $0.51048 as of press time.
Other assets affected
XRP’s substantial decline was part of a broader trend, with Bitcoin (BTC) and other major digital assets also experiencing significant drops in value during the reporting period.
After weeks of constrained price movement, Bitcoin lost 7.7% in 24 hours to trade at $26,443—its lowest value in over two months.
Ethereum was also not spared from the market situation as it fell under $1700 for the first time since June, decreasing by roughly 6% to $1691 as of press time.
The cryptocurrency market capitalization experienced a significant 6.32% decline over the past 24 hours, dropping from $1.15 trillion to $1.06 trillion, according to CryptoSlate’s data. This swift decrease has resulted in an approximate loss of nearly $100 billion across the market.
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK