Cryptocurrency traders experienced a significant shock to the market earlier today as XRP, one of the most popular digital coins, dropped over 9.5% bringing its price to the lowest point its been at since the end of March. This unfortunate decline also erased every gain the token had made from the previous three weeks. This set off a flurry of speculation among traders, with many offering their own theories for the cause of the downturn.

Reliable cryptocurrency resources suggest that this may indicate a much larger correction is necessary in order to clean up and dispose of the newer, late-arriving investors before the market can see a new surge. This bearish sentiment was bolstered by news that a new bill may be introduced to restructure the Securities and Exchange Commission (SEC) and potentially end the term of its current chairman. Yet, nothing has been set in stone, and only time will tell how these events will unfold.

Data from CoinMarketCap reports a massive increase in the trading volume of XRP; it is now double the amount it was the day before, standing at $1.17 billion. Despite this increase, the market capitalization rate still suffered, declining by a total of $1.5 billion, making its total market value $25.41 billion.

The XRP community is cautiously optimistic about their home coin and the events that are playing out in the larger cryptocurrency world, and it’s plain to see why. These are exciting times for the beloved digital coin, but also for all virtual assets. As the future unfolds, the XRP and Cryptocurrency markets will find out what impact these external events will have on their investments.



Other News from Today