XRP’s market capitalization has suffered a dramatic decline of $20 billion within a day as the crypto market capitulated before the panic caused by President Donald Trump’s Apr. 2 announcement of “reciprocal tariffs.”
The market cap of XRP fell from over $120 billion on Apr. 6 to as low as a little below $96 billion on Apr. 7.
When the U.S. securities regulator dropped its case against Ripple on March 19, XRP surged ahead of Tether’s stablecoin USDT to become the third largest cryptocurrency in terms of market cap. Its market cap then stood at $148 billion on March 20.
The drastic devaluation of XRP of late has panicked the trading community, as there is a fear that the cryptocurrency’s price could slide even lower.
On March 26, legendary trader Peter Brandt analyzed XRP’s price chart and said that if its price goes below $1.9, it could fall as low as $1.07.
At press time, XRP was trading at $1.88 as per Kraken’s price feeds, as its price fell 9.3% within the last 24 hours.
XRP’s current price is below $1.9, and if Brandt’s analysis turns out to be true, it could spell doom for the cryptocurrency. In fact, it fell as low as $1.65 before recovering to its current price mark. Its current market cap stood at $109 billion at the time of writin
Though XRP appears to be recovering from such lows, there is no indication of a substantial recovery in the broader crypto market. The total crypto market cap has slid 7.3% within a day to $2.5 trillion.