All major coins by market capitalization have recovered from yesterday’s short, sharp crypto-crash—apart from XRP, whose price continues to decline as traders grapple with a lawsuit that the US Securities and Exchange Commission shall soon drop on the coin’s progenitor, Ripple.
The crypto crash started yesterday morning. At about 8 am UTC, the price of Bitcoin dropped from $23,900 to lows of $22,289. Other major coins followed in its wake. By 6 pm UTC yesterday, Ethereum had fallen by 6% from its daily peak; XRP by 8%; Litecoin by 10%; Bitcoin Cash by 11% and Chainlink by 8%.
Today, most major coins—excluding XRP, and to a lesser extent, Bitcoin Cash—recovered or at least bandaged their wounds. Bitcoin rose by 0.76% to $23,331, Ethereum rose by 1.84% to $626, Litecoin by 1.65% to $110 and Chainlink has increased by 2.8%. Bitcoin Cash has fallen by 3.24% to $314.
But in the past 24 hours, the price of XRP has fallen by 11% to its current price of $0.47.
One reason for the bloodletting could be the SEC court case that Ripple’s CEO, Brad Garlinghouse, announced yesterday in a bid to control any damage caused by the lawsuit.
Today, however, the attack honed in on one thing—the price of XRP.
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