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XRP Sees Significant Price Drop, Market Cap Declines

XRP experiences a substantial price drop, impacting its market cap and positioning in the cryptocurrency market.
Published on 2022-11-08

XRP Price Drop and Market Impact

XRP experienced a significant decline, trading at $0.42469 on the Investing.com Index, marking a 10.32% drop in a single day. This represents the largest one-day percentage loss since May 11. The cryptocurrency's market cap fell to $21.70467B, accounting for 2.24% of the total cryptocurrency market cap.

Recent Trading Range and Weekly Performance

In the past 24 hours, XRP traded within a narrow range of $0.42457 to $0.46679. Over the past seven days, XRP has declined by 5.94%, reflecting broader market volatility.

Trading Volume and Market Position

The 24-hour trading volume for XRP was $1.99420B, representing 1.84% of the total cryptocurrency volume. Despite the recent downturn, XRP remains a notable player in the crypto market, though it is still 87.09% below its all-time high of $3.29, reached on January 4, 2018.

Broader Cryptocurrency Market Trends

Bitcoin and Ethereum also saw significant declines. Bitcoin traded at $19,406.4, down 6.97%, while Ethereum fell to $1,436.03, a 9.52% loss. Bitcoin's market cap stood at $376.60959B (38.82% of the total crypto market), and Ethereum's market cap was $178.44241B (18.40% of the total market value).

The recent price movements highlight the ongoing volatility and competitive landscape in the cryptocurrency market.

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