Another Loss For XRP In The Markets
With the crypto markets being inactive for the past few days, itâs no surprise that they hit back with the old rinse and repeat cycle which has become all too common recently. This has left Stellar, Etherum and XRP are miss with the markets heading into a slump.
The latest âsell-offâ has resulted in the markets falling back to a total capitalisation of $215 billion and remaining in their sideways channel.
After a 2% drop, Bitcoin is worth $6,480 at the time of writing. After this, the rest started to drop too and even more so - Ethereum lost over 4% and has moved back to $220.
Almost all the altcoins are in the red today leaving investors down in the dumps. A market slump seems to be occurring every 5 days (give or take) and so the crypto markets arenât full of life and have become somewhat predictable. The top ten havenât seen any good news either with XRP spearheading the drop with a loss of 8% and worth $0.520 at the current time of writing. Stellar then follows with its 6.5% drop and then Bitcoin Cash, Litecoin and Cardano all losing 5%. The only survivor of this purge seems to be Monero as it is still worth the same it was yesterday at $115.
As we head further down the list we see the top twenty are starting to show losses of up to 4% and Dash seem to be paving the way down with a 4.5% decline to $177 at the time of writing. No altcoins seem to be doing much and the ones making gains are only making 4% ones at that. This includes HyperCash and Loopring. However, on the upside, Binance Coin is glowing with green as it hops 3% up to reach $10.08.
With $7 billion being sold off and markets being dropped to over $215 billion, the total crypto market cap has sunk over 3%. Usually, they are slightly up, however, there doesnât seem to be any signs of the cycle starting to change at the moment. This time last month saw the crypto markets down over 8% however they have been trading sidewards for two months now, since the beginning of August.
What are your thoughts? Will this rinse and repeat cycle change any time soon? Let us know what you think in the comments!