XRP, one of the leading altcoins, nosedived by 10.34% on Wednesday. This marks the token's biggest daily drop since April 3 (when it plunged by 10.39%). Back then, risk assets, including cryptocurrencies, were hit hard by the unveiling of sweeping tariffs in the U.S.
The token's biggest yearly drop of 18.8% was logged on March 3. On that day, Bitcoin also plunged by 9% due to macroeconomic concerns about the tariffs overshadowing the official announcement of the strategic U.S. crypto reserve that took place only a few days prior to that.
July 23 has now tied Feb. 2 for the worst daily drop of the year (so far).
According to CoinGecko data, XRP is currently the fifth-worst-performing token within the top 100. Only Celestia (TIA), FLOKI (FLOKI), Worldcoin (WLD) and Aptos (APT) have performed worse.
CoinGlass data shows that a whopping $89.68 million worth of XRP longs were liquidated over the past 24 hours.
Upbit chose violence
As reported by U.Today, South Korean traders were responsible for XRP's impressive rally that took place earlier this month. According to the latest data, Upbit was also behind the recent crash, with more than 75 million XRP tokens being sold at market on the exchange within just one day.
On Wednesday, XRP bulls came awfully close to losing the $3 level, but that level managed to find some bids around it, which is why the cryptocurrency managed to avert an even steeper drop.
However, the token remains on shaky ground, and it is now on track to log its second consecutive day in the red.
It is currently trading at $3.09 on Bitstamp exchange, dropping by another 3%.
Vladislav Sopov
U.Today Editorial Team