XRP appears to be on the verge of a major market crisis, one that has succeeded in subduing most cryptocurrencies and leaving them with losses in both trading price and volume.
Cryptocurrency traders have been applauding the token for its promising future after it dethroned Ethereum to become the world’s second most valued cryptocurrency, right behind Bitcoin. However, the events of today have made quite an impact on XRP’s daily performance.
According to data from Coinmarketcap, the token has collapsed by 0.71% in the last 24hrs, leading to an intimidation in the stability of its trading price which fell below $0.3 support level. Although XRP has managed to regain consciousness, but the state of the market speaks uncertainty, as such, there still lies numerous possibilities that the token may go below its current trading price of $0.299, as of this writing.
Market capitalization has impressively managed to remain afloat at $12.29 billion, giving it a wider gap against its opponent Ethereum, whose market capitalization is estimated at $9.15 billion.
Despite the fact that ZB exchange has recorded the most value in xrp trading, the XRP/BTC pairs which has grossed a total of $56.81 million was not enough to boost the token to a less alarming position. Traders from Bitbank appear to be right behind the Bitcoin trading pair as they assist to revive the token with the Ripple and Japanese Yen trading pairs, that have now gone on to garner as much as $40.71 million in trading volume.
The market bleeds beyond Ripple, other tokens are also not in good shape. Bitcoin has lost as much as 2.5%, while it trades at $3413.81. Meanwhile, Bitcoin Cash, EOS and Bitcoin Satoshi Vision is helplessly dwindling with losses ranging from 6.92%, 5.98%, 7.55% respectively. With Bitcoin SV at $88.81 and EOS sitting wearily at $1.01, the next 24hrs will take the market on a quite an interesting ride.