Ripple (XRP) has had its biggest one-day percentage loss since December 4.
The third most valuable crypto was trading at $0.49773 at the time this report was drafted, down by 10.07% on the day.
Such plunge prevailing has now pushed the market capitalization of Ripple down to $22.8 billion, or 4.15% of the total crypto market capitalization.
- At its highest level, Ripple’s market value was $31.58 billion.
- XRP had been trading around $0.49773 to $0.50988 in the last 24 hours, showing high price volatility.
- In the past one week, XRP has seen its value in percentage terms losing about 12.89%.
- The daily trading volume of XRP stood at $10.4 Billion or 10.21% of the total volume of all cryptocurrencies, showing that there is trading significant activity prevailing in the XRP 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.
- 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.
What they are saying
Ripple’s CTO, David Schwartz, has reaffirmed that the company can be forced by an overwhelming number of market participants to upgrade its processes, regardless of if it agrees with the decision or not, hinting at its strong democratic principles and responding to critics, who accused it of often manipulating the process in regards to the liquidity and pricing of XRP. He said:
- “There would be nothing Ripple could do to stop that from happening. Public blockchains are very democratic. If the majority wants rules to change, there is nothing the minority can do to stop them.”