XRP is sure having a bad time amid the bullish trend prevailing relatively at the crypto market.
What you should know: At the time of writing this report, XRP was trading at $0.19223 down 21.07% on the day. It was the largest one-day percentage loss since Dec. 23.
The rice plunge pushed XRP’s market cap down to about $9 billion or 1.32% of the total crypto market value.
- At its highest, XRP’s market value was $31.6 billion
- XRP had traded in a range of $0.19217 to $0.22278 in the previous 24 hours.
- At its present price, XRP is still down 94.16% from its all-time high of $3.29 set on January 4, 2018.
What this means: The crypto asset has been losing value at record levels on reports that the world’s most valuable crypto exchange, Coinbase, recently announced that it wouldn’t allow XRP trading, in response to the United States Securities and Exchange Commission taking legal action against Ripple.
- According to a statement released by Coinbase’s Chief Legal Officer, Paul Grewal, Coinbase disclosed that it was suspending XRP trading starting from January 19 at 10:00 am PST.
- The American crypto exchange further explained that “XRP trading may be stopped earlier as needed to maintain the exchange’s market health metrics.
Meanwhile, Ripple in its most recent press release, disclosed it was ready to fight the allegations issued by the United States Securities and Exchange Commission against the company.
For historical context read: Fear of U.S Financial regulators cripple XRP, tumbles by 61%
“The SEC’s decision to file this action is not just about Ripple, it is an attack on the entire crypto industry here in the United States. We’ve always said that there is a dangerous lack of regulatory clarity for crypto in the U.S. — their lawsuit has already affected countless innocent XRP retail holders with no connection to Ripple.
“It has also needlessly muddied the waters for exchanges, market makers, and traders. The SEC has introduced more uncertainty into the market, actively harming the community they’re supposed to protect. It’s no surprise that some market participants are reacting conservatively as a result,” Ripple said in the statement.