Despite briefly soaring above $0.55 earlier, adding more than $2 billion to its market capitalization in a single day, and the release of the controversial files relevant to the Ripple case, XRP is back in the red, becoming the biggest ‘loser’ among the top 100 cryptocurrencies by market cap.
Specifically, the price of the XRP token is recording a loss of 4.52% on its 24-hour chart, adding up to the 4.07% decline in the last seven days and threatening the 18.10% gain over the past month, as it currently stands at $0.5057, according to the latest data retrieved by Finbold on June 14.
Earlier, XRP had acted on a bullish momentum by skyrocketing above the psychologically important threshold of $0.55, recording a remarkable increase of 8% and catching the attention of both market participants and crypto enthusiasts, as Finbold reported on June 13.
Having said that, its more recent losses have driven the XRP token to the top of the list of the biggest ‘losers’ among the 100 largest crypto assets by market cap in the last 24 hours, preceding WOO Network (WOO) and Sui (SUI) in these results.
Market cap bleeds $3 billion
At the same time, XRP’s market cap has decreased from the top of $29.17 billion to the current $26.24 billion, indicating a loss of nearly $3 billion or 10% in less than 24 hours, according to the most recent charts retrieved from the crypto market tracking platform CoinMarketCap.
By comparison, its earlier advance had pushed its market cap to add $2 billion in a matter of hours, peaking above $29 billion and demonstrating the token’s potential for further growth and market confidence in XRP, but later it proved to be a “breakout trap.”
XRP ‘breakout trap’
Indeed, crypto trading expert Ali Martinez pointed out that this wasn’t the first time that the price of XRP had moved past $0.55, “luring breakout traders into a long position to then get them rekt with a full reversal,” which is why he recommends waiting for confirmation “before going ape on XRP.”
In conclusion, time will tell whether XRP manages to recover from the recent reversal. However, positive developments, such as the potential success of the blockchain company Ripple in its case against the United States Securities and Exchange Commission (SEC), might affect the token’s price in the long term.
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