XRP erases $10 billion in a day despite Ripple victory
Main Idea
XRP's market capitalization dropped significantly due to U.S. inflation data, impacting the broader crypto market.
Key Points
1. XRP's market cap fell from $192.28 billion to $182.73 billion in hours, a loss of nearly $10 billion.
2. XRP was trading at $3.13, down 3.88% daily but still up 2.47% weekly after Ripple's legal developments.
3. U.S. inflation data showed the highest increase since June 2022, with July PPI rising 0.9% monthly and 3.3% yearly, exceeding forecasts.
4. Bitcoin (BTC) dropped below $119,000 from an all-time high of over $124,000, and Solana (SOL) fell 6.37% from $204.
5. $546.68 million in crypto long positions were liquidated in one hour following the PPI data release.
Description
In just a matter of hours on Thursday, August 14, XRP’s market capitalization dropped from $192.28 billion to $182.73 billion, erasing nearly $10 billion in value. The token is trading at $3.13 at the time of writing, down 3.88% on the daily chart, although it’s still up 2.47% this week following Ripple’s legal victory , according to CoinMarketCap . Hardly an isolated incident, it appears that the drop was largely a consequence of the U.S. Government’s newly reported inflation data showing the h...
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