Ripple’s native digital currency XRP has faced a severe price crash which led the fourth-ranked digital currency to plunge down below $0.20. Over the course of the past 24 hours, this digital coin has faced a price drop of more than 30 percent. This price crash has occurred after several top cryptocurrency exchanges announced to suspend trading for the coin.
After facing the price drop, the coin has moved down to the $0.18 level where it is currently trading. At the press time, the price value of XRP is down by more than 37 percent and is continuously trading in a downward direction. On a weekly basis, the price value of XRP is even down by over 60 percent. This shows that the coin is completely in control of bears. The fourth spot of XRP is also in danger as Litecoin (LTC) is not now far away from overtaking XRP to become the fourth-largest digital currency in terms of market cap. As per the data from CoinMarketCap, the market capitalization of XRP and LTC is standing at around $8.2 billion and $8 billion respectively. XRP has already lost its third position.
The main factor that has caused this price drop is that many cryptocurrency exchanges have dropped support for XRP within the past two days. The shocking news for the coin was that when the San Francisco-based cryptocurrency exchange Coinbase announced to halt the trading of XRP from the 19th of January.
OKCoin, a United States digital currency exchange has also halted the trading of XRP which will come into effect next month on the 4th of January. The trouble for Ripple’s native cryptocurrency did not stop here as the popular crypto trading platform Crypto.com ditched it saying that it will delist XRP and suspend its trading on the 19th of January. This news further caused the price value of the coin to plummet down.
As long as things do not settle down between the United States Securities and Exchange Commission and Ripple, cryptocurrency exchanges are not going to stop delisting XRP. We have not yet heard any news regarding this matter from the world’s largest digital currency exchange in terms of trading volume Binance. But looking at the current situation which is worsening day by day, it seems that more major crypto exchanges will move ahead to halt trading support for XRP.