XRP 20% price crash erases SEC gains, wipes $5B off market cap 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.
2 min read
Updated: Aug. 18, 2023 at 9:41 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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
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.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
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