The XRP crypto that has seen monumental gains over the last several years has taken a serious hit today, with the price dropping nearly 6% in the last 24 hours. The cryptocurrency has risen from less than one cent per “coin” in 2017 to over $3.40 in mid-January.
XRP has been one of the most consistent winners under the Trump Administration and has seen monumental gains since Trump was elected to office in the November 2024 US general election. It sat at just $0.50 per “coin” just before the November election.
With crypto markets continuing to show drastic and continuous volatility during the last several weeks, it remains to be seen whether or not the markets will settle down anytime soon.
What does the recent volatility mean for one of the rising stars of the cryptocurrency market, and what will its future bring? Slingshot News takes a deeper look at the recent fall of XRP.
“XRP” Falls With Bitcoin, Ethereum, and Other Major Cryptocurrencies
While crypto may provide a safe haven for investors looking to shield themselves from normal economic conditions, the market is heavily dependent on the top movers in the industry. Bitcoin alone shares a market cap of over $1.9 Trillion, making it one of the largest investments in the entire world.
Ethereum, while much smaller, has a market cap of about $316.5 Billion, making it largely accepted as the second most standard cryptocurrency. Both Bitcoin and Ethereum tumbled today, with the former shedding over 1.4% in its value, and the latter shedding a much larger 3.14%.
In addition to Bitcoin and Ethereum tumbling, DOGE coin also fell nearly 4% on the 18th, marking the coin’s continued decline. DOGE has shed over 36% of its value over the last calendar month.
Despite Recent Woes, The Coin Is Up Over 360% Over The Last Six Months
When examining the recent decline of XRP Crypto Coin it is easy to lose track of how far the cryptocurrency has come in recent months, gaining over 369% in value in the last half of a year.
“XRP” was designed to facilitate fast and cost-efficient international money transfers. Traditional systems like SWIFT can take days and involve high fees, whereas XRP Crypto Coin transactions settle in about 3-5 seconds with minimal costs.
Financial institutions and payment providers use XRP as a bridge currency to convert one fiat currency (e.g., USD) to another (e.g., EUR) without needing multiple intermediaries. This real-world utility drives demand from entities adopting Ripple’s technology, like banks and remittance services.
These real-world purposes ensure that XRP will have a place in the cryptocurrency market.
XRP is no FTX!
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