Ripple-affiliated cryptocurrency XRP tanked to $0.88, its lowest level since Apr. 7, at 2:25 a.m. UTC on the Binance exchange. It has plunged 22 percent over the past 24 hours.
The token has now pared almost all of its April gains that were partially driven by Ripple's minor legal wins in its fight with the U.S Securities and Exchange Commission. Those who bought the top of the rally on Apr. 14 are now down a whopping 55 percent.
All major cryptocurrencies are on the ropes right now after Biden's controversial tax proposal tanked the markets on Apr. 23. Bitcoin is currently sitting at its multi-week low of $48,767.
Yet, the crypto king's dominance is rising since altcoins are getting clobbered much harder. Meme crypto Dogecoin is now down an eye-popping 31 percent in just one day.