Ripple's XRP fell on Tuesday at the lowest level of the year, highlighting the collective panic in the cryptocurrency market after the SEC's non-decision last week on a highly publicized bitcoin ETF. Although the losses of XRP are not unique, the so-called banker's cryptocurrency is among the biggest losers in the top-ten.
XRP / USD Price Update
The XRP price fell 13.4% on Tuesday to a new annual minimum of $ 0.262, according to CoinMarketCap. The decline led XRP to exceed 36% in the last seven days and a whopping 93% from its record high of $ 3.75.
At current values, XRP has a total market capitalization of $ 10.3 billion. Bitcoin liquidity, the fourth largest cryptocurrency by market capitalization, now exceeds XRP by $ 2 billion.
The 24-hour XRP business volume amounted to $ 304 million, with Bitbank managing almost one-fifth of its turnover.
As Hacked reported earlier, the recent selloff began last Tuesday when the US Securities and Exchange Commission (SEC) delayed a decision on a highly anticipated exchange-traded fund (ETF) . From there, the market crash has intensified amid signals that the initial coin offerings (ICOs) are collecting. Ethereum, whose protocol is responsible for at least three quarters of the ICOs, has consequently reduced the lows by 14 months.
With respect to the liquidation of the ICO, Matthew Newton of eToro summed up the situation:
"The cryptic market seems to have reached panic mode, with prices falling sharply." As we can see in the case of ethereum, investors seem increase the liquidation of their ICO holdings, with significant decreases in price and increase in volumes. "
XRP's fate, at least in the short term, is linked to these broader market forces
Ripple & # 39; s Regulatory Scrutiny
Unlike some of his well-known peers, XRP has faced increasing regulators' control over their potential security status – so much so that Ripple Labs seems to have hired a public relations firm to remove the term "Ripple XRP "from online sources.
Ripple Labs made it clear that the San Francisco-based company is not synonymous with XRP currency and that XRP's ownership does not offer investors a stake in Ripple Labs. This is consistent with previous Hacked reports on the issue, which showed that the overwhelming majority of Ripple's business partners did not adopt XRP. In other words, banks and clearing companies have experimented with Ripple technology without adopting XRP as a base or quoting currency.
On August 11, a California District Court dismissed a referral request for a lawsuit against Ripple Labs by an investor seeking damages on alleged price manipulation. Plaintiff Ryan Coffey, a former investor of the XRP, tried to keep the case in the lower courts of the state rather than the final verdict decided by a federal judge.
The court issued the following statement:
"Having read the documents filed by the parties and carefully considered their arguments and the relevant legal authority, and the good cause that appears, the court with this deed DENIES by the applicant. "
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out short-term or day trading activities.
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