XRP Loses $13 Billion After Surge; Makes Up 60% of Market Losses

XRP (XRP) led the broader market selloff on Monday, eventually shipping 42% of its value by Tuesday morning after a weekend in which it seemed moon-bound with over 100% growth.

The entire cryptocurrency market has lost $22 billion since the brief peak on Friday night – and remarkably, XRP’s $13 billion losses make up 60% of the entire market decline.

This is despite a continuation of positive news coming out of XRP this morning, and even finding its way to Forbes – namely that the online tipping service, Coil, will be rolling outs its XRP tipping service across YouTube, Twitch and Wikipedia.

XRP Down 42%

The news isn’t having quite the same effect as last week’s institutional adoption headlines, and XRP is down around 15% for the previous twenty-four hour period.

Since Friday’s peak valuation of $0.769380, XRP has fallen 42% against the dollar, down to this morning’s low of $0.445678. That decline wiped a $13 billion sized chunk off XRP’s market capitalization, as daily volumes fell to $800 million after flirting with $5 billion on Friday.

That kind of trade influx was twice that of Ethereum’s, and more than Bitcoin’s current trade volume at time of writing – enough for XRP to temporarily displace Ethereum as the No.2 global cryptocurrency.

XRP Takes the Brunt

Close to 10% was wiped off the global market over the weekend, as the total combined market cap fell from $228 billion to $206 billion. Of the $22 billion that was sold off, $13 billion worth came from XRP, meaning that a single coin’s trades accounted for 59.9% of the global market total over the last few days.

The fact that it wasn’t Bitcoin for once is perhaps a positive, although it did propel XRP into the mainstream headlines at a time when Ripple Laboratories are fighting numerous court cases related to their issuance, or non-issuance of XRP.

It also raises the natural question how much of this recent pump can be attributed to ‘organic’ growth; how much can be attributed to FOMO when people saw the rocket-ship take off; and how much can be attributed to a coordinated pump that capitalized on the initial trigger?

No matter which of those scenarios is true, the fact is a lot of people lost money on XRP over the weekend. Yet as of 11:00 UTC on Tuesday morning, XRP volumes have begun to rise once more, meaning XRP holders could be about to get rinsed once more.

XRP on Coil

According to the XRP community blog this morning:

“Whether you are a blogger, YouTuber or regular content creator you can now accept streaming payments in digital assets like XRP, BTC or ETH via Coil.”

Full details can be found on the blog, but despite the news being enthusiastically picked up this Forbes writer, XRP doesn’t look to be responding this time.

Featured image courtesy of Shutterstock.

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.