What Happened to XRP as Half of Its Value Disappeared During the Crash?

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XRP tumbled to under $1 on some exchanges.

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Summarize with AI

While bitcoin and ether crashed by up to 30% during the market-wide meltdown on Friday evening and Saturday morning, XRP, which is among the largest altcoins, suffered a substantially more painful decline that saw it dump well below $1.5 on most exchanges and even beneath $1 on Binance.

In the span of just 30 minutes, the asset’s market capitalization experienced a 50% dump that pushed the metric to $80 billion by 5:20 PM ET. It was at $161 billion at 4:50 PM ET, according to the Kobeissi Letter.

What Happened to XRP?

It’s worth noting that the $0.80 price tag on Binance meant that Ripple’s cross-border token had tanked to its lowest levels in a year when its rally began after the US presidential elections. However, there’s a significant discrepancy between XRP’s bottom on Binance and other exchanges, as the asset remained above $1.20 on most of the competition.

Naturally, this has raised a few eyebrows in the cryptocurrency community, especially within the ever-vocal XRP Army.

ERGAG CRYPTO, for once, believes this crash was “designed to liquidate all XRP long positions.” The analyst went further, blaming Binance and its former CEO for the collapse, while highlighting the difference in price drops among the largest digital assets.

What’s Next for XRP?

Now that the dust has settled, XRP has recovered a lot of ground from the recent lows and is up to $2.40 on all exchanges. However, popular crypto analyst Ali Martinez indicated that the asset might not be out of the woods yet.