More than $16 billion was wiped away from the cryptocurrency market in the last 24 hours. All eyes are on XRP which has nosedived more than 50% in the past four days due to the suit filed by the U.S. Securities and Exchanges Commission (SEC).
Ripple is denying any wrongdoing and currently enjoys the support of its Asian partner, financial giant SBI Holdings. However, that has not been enough to prevent a sell-off that has worked against price.
Ripple plunges more than 15% in the last 24 as it trades at $0.27 per unit, CoinMarketCap data shows.
U.S.-based money transfer company MoneyGram has distanced itself from Ripple. This should not completely hurt XRP as MoneyGram has not been bullish on Ripple.
Dips across the board
Bitcoin is trading above $23,100 after registering modest gains of 0.4% in the last 24 hours. The leading digital asset is up 2.27% in the past 7 days.
Cardano (ADA) is the only digital asset in the top 10 list besides bitcoin that is up in the last 24 hours after recording a 2.31% gain.
Chainlink is down more than 10% in the last 24 hours and has lost nearly 24% of its market value against the dollar in the past week.
Apart from Ethereum that is nearly 3.5% in the red, the other top digital assets have shed less than 2% of their prices.
EOS is trading at $2.48, 5% less than it did 24 hours ago. It is down 20% in the past week and is nearly 90% down from its all-time high of $22.98 it reached in 2018.