Not all market participants were interested in supporting today’s XRP pump, as indicated by the user activity and the cryptocurrency asset charts.
Having shown a slight increase, that is, at the very minute when the users in the Telegram group agreed to buy the token, XRP plunged soon after, having lost 35% of the value within 10 minutes. The fall from the peak marked two hours earlier is almost 50%.
The decline stopped near the $0.40 level, but the consequential rebound was insignificant compared to it. As a result, XRP is traded in the red with a loss of 8% on the 24-hour base at the time of writing this article.
Earlier on Monday, XRP climbed to fourth place in the list of the largest crypto assets with a capitalization of over $30 billion, but by the time of publication, it was again at the fourth place with a capitalization of $19 billion, losing to Tether.
The volume of XRP margin liquidations in the past 12 hours is about $500 million, six times the value of Bitcoin.
Considering these developments, traders fear that XRP can pull Bitcoin along with it. The price of the first cryptocurrency really declined a little in the aftermath of the XRP rate drop.
