XRP bulls seem to be out of gas, amid the bullish trend prevailing relatively in the crypto market.
XRP traded at $0.3816 during the second trading session of the week, down 30.91% for the day. It was its biggest daily percentage loss since December 23, 2020.
- Such a price plunge pushed the fourth most valuable crypto down to around $17.2 billion or 1.71% of the total crypto market value. At its highest price level of XRP, its valuation was worth around $31.6 billion.
- XRP is currently trading at around $0.34132 to $0.39409 for the day.
- Over the week, XRP saw its value surging by 40.31%. The volume of XRP traded for the day, to the time of writing this report stood at $35.6 Billion or 22.28% of the total volume of all cryptos.
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.
Recall, XRP had earlier surpassed its arch-rival, Polkadot, amid strong buying pressure from an army of relatively young traders on Reddit.
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.