XRP Nosedives By 12% A Day After Bullish Week As Christmas Day Turns Horror For Cryptos

Ripple joins Blockchain Capital VC Fund with XRP investment worth $25 million price

A closer look at the crypto price charts show that the bullish week is turning horror fast. Christmas Day appears to have come with a shocker for the majority of the top digital assets. From the charts most of the top digital coins including XRP, Ethereum (ETH) and Bitcoin (BTC) recorded bearish price falls. The bigwigs in the space have already dropped by a major percentage in terms of valuation. It was only days ago that investor confidence was starting to grow once more and the wider crypto community was beginning to express optimism regarding cryptos. Now it appears all that has passed.

XRP Trading Around $0.37 USD at Press Time

What makes this drop in prices surprising is because the previous week was actually bullish for the entire market, as the majority of the top digital assets were significantly shooting up in value after a long year of bearish sentiment and uneven price actions. As at the time this content was published, Ripple’s XRP token was trading at $0.37 which is a 12.40% drop already only after 24 hours. The digital token no has a market capitalization of $15.450 billion with its 24-hour market volume standing at $1.177 billion.

Bitcoin Cash (BCH), EOS and Bitcoin Cash SV Top List of Biggest Losers in Last 24 Hours

As indicated above XRP isn’t the only digital currency that recorded losses. Another striking factor relating to the bear crash from the last 24 hours is that despite XRP’s fall of 12%, it is not even among the biggest losers. According to data by CoinMarketCap the biggest losers following the crash from the past 24-hours include Bitcoin Cash (BCH) Bitcoin SV (BSV) and EOS having suffered double-digit declines in that period. As per the report a majority of the trade volume of XRP was held by Bitbank, an exchange currently overseeing transactions worth over $193.556 million. On the list Bitbank was followed closely by Upbit, with an 11.45% drop on all XRP trade.

Binance Listing and XRP Sixth Anniversary Haven’t Helped Token Stay Up

It is strange to say XRP’s fall comes only one week after multiple positive announcements were heard in the ecosystem and price hikes following an extended period of bearish sentiment. Even the recent development of XRP being listed as a base pair on Binance the Changpeng Zhao founded crypto exchange haven’t helped the price of the token remain in bullish positions. This news had initially resulted in the XRP price shooting up by an impressive 21%. But it appears that this growth wasn’t sustainable. It is safe to say that calling a bottom days ago was too early.

XRP (XRP) Price Today – XRP / USD [ccpw id=”10545″]

It is also essential to have the current bear market crash comes just after an XRP milestone. We can recall that it was reported that the milestone was the 6th anniversary of XRP ledger. The event was celebrated by Bitstamp, one of the leading digital currency exchanges. On a normal setting this development would have helped the course of the token but this isn’t the case. Whether the prices will retake a bullish momentum or not remains to be seen.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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