XRP Price Crashes 20%, Reversing Huge Market Rally

The price of XRP, the third-largest cryptocurrency by market cap, today fell by 18.64%, according to data from CoinMarketCap.

After hitting daily highs of $0.71 at 15:19 UTC, the price of XRP fell sharply at about 20:00 from $0.66 to lows of $0.59. The current price of XRP is $0.62 and its market capitalization is $28 billion.

However, the dip follows a huge market rally; XRP is still up by 112% in the past week. XRP started rising last Friday. Then, its price was just $0.31.

XRP is far from the only coin to crash today. Bitcoin, the largest cryptocurrency by market cap, fell by 1.68% today to $18,832—in its dip, Bitcoin slips further away from its all-time high of ~$20,000. Ethereum, the second-largest coin by market cap, fell by 4.58% to $580.

Other top coins fell, too: Bitcoin Cash fell by 5.74%; Chainlink by 7.8%; Litecoin fell by 7.1% and Cardano fell by 5.53%.

Coinciding with the drop is the closure of the US stock markets. The S&P 500 fell back from its all-time high and the Dow Jones retreated below 30,000 basis points.

However, all of the top coins are up for the week and are outperforming their former, pre-bull run selves. Bitcoin, which was worth $10,500 at the start of last month, is still far, far above that, at $18,832.