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XRP Crash? $7 Billion Wiped out in 24 Hours
Ripple’s native token, XRP, has suffered a devastating crash over the past 24 hours, wiping out a staggering $7 billion from its market capitalization. This unprecedented loss comes as the cryptocurrency fell by nearly 10% to trade at around $0.03 per coin.
According to CoinMarketCap data, XRP’s market cap plummeted from $215 billion to approximately $208 billion in an astonishing 24-hour period. This shocking decline is even more concerning given that it occurred simultaneously with a broader cooling-off of the cryptocurrency market. The global market capitalization fell by a staggering 1.1%, accompanied by over $556 million being liquidated across trading platforms.
This downward spiral was not limited to XRP alone, as even Bitcoin, the most widely recognized and valuable cryptocurrency, experienced an ETF outflow since early June. As Bitcoin’s price dropped, Ethereum also saw substantial losses, while Cardano and Dogecoin witnessed a slight downturn.
It is essential to note that this sudden crash does not necessarily signal the end of XRP’s bull run. Although it has struggled to regain its earlier highs, there are still reasons for bulls to be hopeful about the cryptocurrency’s future.
In conclusion, the recent events surrounding XRP demonstrate that even in an increasingly volatile market, we must always stay vigilant and prepared for unexpected developments.
Source: u.today
