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Ripple’s XRP suffered more than most top-10 cryptocurrencies by market cap today in a market crash that dropped the price of Bitcoin below $7,500 per coin.
The crash chopped about 10 percent of crypto’s total market capitalization in a matter of hours.
Just days ago, XRP was able to beat heavy resistance at $0.29 per token and briefly rose above $0.30. But that bearish curse struck again just as things were looking up for XRP hodlers. Today, Bitcoin crashed, and the rest of the market, including XRP, followed.
The drop, however, respected the $0.25 per XRP support zone. This morning’s big red candle has started to correct itself slightly, as the token currently nears $0.27. That still represents a setback of about 11 days-worth of a bullish trend for XRP.
But, on the plus side, the XRP-BTC trading pair doesn’t look so bad, given the circumstances. The token’s price went down, sure, but the drop merely canceled out yesterday's gains, according to data from TradingView. So those using XRP to stack sats don't have much to worry about.
Generally speaking, XRP has remained in a horizontal trading channel against BTC, fluctuating between 3,540 and 3,781 satoshis. Currently, XRP is being traded at around 3,570 sats.
Overall, XRP has been growing steadily, and Ripple has a lot to do with that. Yesterday, Ripple CEO Brad Garlinghouse announced the opening of a new office for Ripple in Washington, D.C. with the aim of working closely with regulators to strengthen the XRP ecosystem.
“Every federal regulator is looking at this space and trying to figure out how to regulate it, and having a D.C. presence is essential to smart and effective regulation,” Garlinghouse said. “We’re focused on maintaining a dialogue with Washington regulators and policymakers and being a resource to the Hill allows us to be easily accessible at all times.”