The law of gravity seems to have taken its toll on Ripple, the third most valuable crypto by market value.
At the time of writing this report, Ripple traded at $0.60289 as seen by Nairametrics on Wednesday, down 10.11% on the day. This is the largest one-day percentage loss since Nov 26.
READ: World’s biggest crypto exchange says Bitcoin will replace gold
Such a plunge dropped XRP’s market capitalization to $27.8 billion, or 4.96% of the total crypto market capitalization. At its highest, Ripple’s market capitalization stood at $31.6 billion
Ripple has been trading around $0.60289 to $0.61137 in the past 24 hours.
READ: Bitcoin will gain 25x and become an inflation hedge
Over the past week, crypto sellers have pushed XRP prices lower by 11.54%. The volume of Ripple traded in the 24 hours to time of writing was about $17 billion or 7.27% of the total volume of the entire crypto market.
What you should know: XRP was designed by Ripple mainly to perform speedy, less costly, and more scalable alternative transactions for both crypto assets and existing monetary payment platforms like SWIFT.
READ: Cryptos: Nigerian financial experts talk risks associated with trading digital assets
- Ripple owns more than half of the total supply of XRP. In late 2017, the company vowed not to sell all of its tokens (XRP) at once, keeping up to 55 billion XRP in protected escrow accounts.
- Ripple (XRP) plays a dual role as a payment platform and a currency. The platform is an open-source platform that is created to allow quick and cheap transactions.
