XRP suffers biggest daily drop in 3 weeks, trading at $1
The seventh most valuable crypto suffered record selling pressure and profit taking that had not been seen in the overall crypto market until May.
According to the FTX exchange, XRP was trading at $1.02389 on Friday, down 10.01% on the day. That was the biggest loss in a single day since October 27.
XRP’s market capitalization fell to $48.8 billion, representing 1.97% of the total cryptocurrency market. At its highest, XRP had a market capitalization of $83.4 billion.
For the day, XRP traded between $1.02389 and $1.05589. The value of XRP has dropped 15.42% over the past seven days.
As of the time of writing this report, the total volume of all cryptocurrency transactions for the day was $5 billion or 3.39%. Within the past one week, it has traded between $1.0193 and $1.2193. The current price of XRP is still down 68.88% from its all-time high of $3.29 set on January 4, 2018.
There is some glum in the cryptocurrency market at present with bitcoin and ethereum maintaining some selling pressures. XRP is responding to the price decrease. Furthermore, the asset is better positioned to consolidate at its current value area instead of selling off. The digital token has remained above its resistance level of $1, despite the ongoing volatility.
As a result of the upcoming improvements and the potential win in the XRP vs SEC case, the price of XRP is expected to rise dramatically. The token of Ripple is being held by a number of investors. The Ripple network is already used by big banks, such as Bank of America, American Express, and Santander.
Ripple Network transactions can be funded with XRP or exchanged for other cryptocurrencies. The XRP of Ripple is often referred to as the “remittance network” and currency exchange that independent servers authenticate. XRP is a crypto with super-fast transfer times.
As a currency and a payment platform, Ripple (XRP) fulfills dual roles. The platform was designed to enable cheap and quick transactions. It is an open-source project.