Digital currency markets have seen some volatile action this week and in the last 24 hours following the XRP payments, a number of coins are throwing away huge amounts of value. At the time of its announcement, the entire crypto-economy was worth $ 629 billion and because XRP lost so much value, bitcoin’s dominance index has risen above the 68% mark.
The U.S. Securities and Exchange Commission (SEC) recently filed a lawsuit against Ripple Labs Inc. and two of its executives. According to a US regulator complaint, Ripple Labs raised “over $ 1.3 billion by offering unregistered, ongoing digital asset securities.” Since then, the price of XRP has dropped like a rock, losing nearly 40% in the last 24 hours of trading sessions since the SEC announcement. The XRP divestment also pulled down a number of other crypto-assets during the trading sessions on December 23.
Bitcoin (BTC) on the other hand, has been doing well despite regulatory action against Ripple Labs. BTC is currently exchanging for $ 23,796 a penny and is up 1.5% in the last day. Seven-day stats show that BTC has gained more than 11%, over 29% for the 30-day span, and 120% over the last three months of trading. BTC’s market dominance over the existing 7,500+ coins is 68% today, higher than it has been for some time. Currently, out of the $ 629 billion crypto-economy market cap, BTC is raking in $ 442 billion.
Ethereum (ETH) is trading at $ 612 per ether and the ticket is down after taking some losses during early morning trading sessions on Wednesday. ETH’s market cap is hovering at around $ 69 billion at the time of publication. Market statistics show that XRP is trading at $ 0.33 per unit and is still down 30% since its initial collapse. XRP’s market capitalization has plummeted to $ 15.4 billion and the market is now below a general lead valuation (USDT) of over $ 20 billion.
Litecoin (LTC) has been hit far less than most other crypto assets in the economy today after the XRP announcement. LTC is exchanging for $ 109 a penny and has a market cap of about $ 7.25 billion. The LTC crypto asset is still up over 20% in the last seven days of trading. Bitcoin (BCH) cash is down over 6% today and trading at $ 296 per unit at the time of publication. BCH has an overall market valuation of approximately $ 5.52 billion and the crypto asset is up 38% over the last 90 days.
While many analysts have been watching crypto markets very closely and awaiting a large correction or higher rally. The trader Crediblecrypto he told his 87,000 followers that he expects bitcoin (BTC) to climb higher before the next big correction. “I’m bullish on BTC here,” he said tweets. “I don’t think this is the correction everyone is waiting for. That will come a little later IMO. ”
In the last 24 hours, onchain stats from Cryptoquant and Glassnode show several aggregated inflows to exchanges like Binance, Bithumb, and Gemini. Since the XRP announcement took place, Cryptoquant beta alerts on Telegram have been flashing the inflow signals.
However, Glassnode’s statistics from a weekly weekly report show that BTC’s “Reserve Risk” has been “extremely low despite the price having passed its all-time high.” The Glassnode report also discussed the downward correction of the SOPR Adjusted for the Entity of the crypto asset.
“The recent downward BTC correction in Entity Adjusted SOPR was indicative of an upward trend,” the report states. “The downward trend has now reversed, suggesting that a BTC side move below $ 20k could be far behind us, with new support levels staying above $ 23k for the time being.”
XRP, meanwhile, took the weight of the losses in the last day and the digital silver faces are delisting as well. For example, the Hong Kong trading platform had OSL has been suspended XRP trading and the Beaxy US crypto exchange do that as well. Selling unregistered securities makes Ripple and the XRP cryptocurrency legally suspicious and therefore endangers Beaxy users, ”the exchange said Wednesday morning. “In a constantly evolving regulatory landscape, Beaxy Exchange strives to adapt to developments as quickly as possible.”
Beaxy’s Head of Operations, Naeem Master further commented:
The SEC and Ripple Labs have been discussing the legal status of XRP for years. So the news of the SEC’s allegations against Ripple is not unexpected. That said, Beaxy Exchange has an obligation to act with regulatory compliance as a priority. In this case, that means stopping all trading from XRP on Beaxy.
While some crypto assets have felt the most from an XRP storm, many digital currencies have done well. Peers (PPY) have gained 198%, zilliqa (ZIL) jumped 16%, and populist (PPT) is up over 14% today. XRP suffered the most losses, but coins such as golem (GNT -19%), new time bank (TNB -17%), moss (MOC -17%), and yacht chain (ITC -16%) saw decent percentage losses also .
What do you think of the recent crypto market action after XRP took some deep losses following SEC payments? Let us know what you think of this topic in the comments section below.
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