In its largest one-day drop since November 2022, Ripple (XRP) is down as much as 18% amid an overall market downturn. Over the past 24 hours, the asset has traded between $0517 and $0.639, with it currently trading at $0.567 according to CoinMarketCap.
The decline of the asset coincides with a similar market movement. Reports of impending rejections or Spot Bitcoin ETF applications by the US Securities and Exchange Commission (SEC) drove speculative selloffs. Specifically, leading to more than $540 million being liquidated from the crypto market in just 4 hours.
Also Read: Bitcoin Falls as $540M is Liquidated From Crypto Market in 4 Hours
Ripple Faces its Largest Drop Since 2022
Throughout the end of 2023, the digital asset market was filled with noted optimism. Amid rumblings of an impending Spot Bitcoin ETF approval, the price of Bitcoin (BTC) started the year surpassing $45,000, with many cryptocurrencies experiencing positive momentum. However, that all came to a screeching halt with recent reports signaling a rejection of those applications could be possible.
Alongside that development, Ripple (XRP) was down as much as 18% coinciding with the greater market downturn. Additionally, the asset has seen its trading volume constitute 1.92% of the total volume of all digital assets. Ultimately, its volume traded exceeds $2.9 billion over the last 24 hours alone. That mark is an increase of more than 133% over that same time frame.
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It isn’t just XRP, as the entire market is facing massive liquidations. However, Ripple has certainly faced the brunt of the downturn’s negative effects. Still, it joins Bitcoin and Ethereum (ETH), which are both down more than 6% and 7% on the day, respectively.
Ripple’s market cap is also down more than 9% over the last 24 hours, currently sitting at over $30 billion. Still, the entire market is facing similar predicaments due to the previously mentioned speculation. It will be immensely important to see how the value of various tokens changes into next week’s Spot Bitcoin ETF deadline.