XRP nosedives by more than 12% after week of bullish gains; Christmas day turns ugly for cryptocurrency market

2018/12/25/ 17:28

Christmas Day seems to have come as a shocker to most cryptocurrencies as most of the top coins saw bearish price falls. This included the bigwigs such as Bitcoin [BTC], XRP and Ethereum [ETH]. What makes the fall surprising is the fact that the previous week was a bullish atmosphere for the market, with some coins shooting up significantly.

At the time of writing, XRP was trading at 12.48% with a total market cap of $15.450 billion. The cryptocurrency was trading for $0.37 with a 24-hour market volume of $1.177 billion. A majority of XRP’s trade volume was held by Bitbank, with the exchange overseeing transactions worth $193.556 million. Bitbank was closely followed by Upbit, with a grasp on 11.45% of all XRP trade.

Another striking factor about the recent bear crash is how XRP’s fall of more than 12% does not even make it part of the biggest losers. The biggest losers in the crash were Bitcoin Cash [BCH], EOS and Bitcoin SV [BSV].

XRP’s fall comes on the back of multiple positive announcements and price hikes. One of the recent development was XRP being added as a base pair on the Changpeng Zhao founded Binance. This news had resulted in the price of XRP shooting up by a massive 21%. The Binance CEO had tweeted: “We will be adding a couple trading pairs with XRP as the quote currency shortly. And rename ETH markets to ALTS market. Running out of space on the UI. Merry Xmas!”

Even Steven Diep, a prominent member of the XRP community had said: “This news is bigger than XRP being listed on Coinbase”

The bear crash, also comes after an XRP milestone: the 6th anniversary of the XRP ledger, an event that was celebrated by Bitstamp, a leading cryptocurrency exchange.

Article Source: AMBCRYPTO
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