XRP drops by 7%; becomes the biggest loser among the top 10 cryptocurrency club

The cryptocurrency market has witnessed a shocking bear run with almost all of the major cryptocurrencies on the charts seeing a downward spiral. Popular cryptocurrencies like Bitcoin [BTC], XRP and Bitcoin Cash [BCH] were all in the bear’s grip with XRP being the biggest loser among the top ten cryptocurrencies club.

At the time of writing, XRP was going down at the rate of 6.52% with a total market cap of $20.925 billion. The cryptocurrency was trading for $0.523 with a 24-hour market volume of $935.711 million. XRP, which had surpassed Ethereum’s market cap just last week, was back to the third position on the charts with a difference of $1.5 billion in terms of market cap with ETH.

The major trade volume was not coming from Binane, but rather from Bitbank. The cryptocurrency exchange held a majority 13.76% of the total trade volume amounting to $131.330 million. XRP’s fall in price has come right after the Swell Conference organized by the company to exhibit its new products.

The conference also saw the launch of xRapid, Ripple’s tool for cross-border payments. It was even revealed that Ripple has partnered xRapid with three firms namely, Cuallix, Mercury fx, and Catalyst. Brad Garlinghouse, the CEO of Ripple also commented on the new products and the Internet of Value at Swell.

He stated:

“The internet of value is something that a lot of people don’t understand and that is Ripple’s biggest bet. One of our main goals has always been to become builders rather than the ‘disruptors’ that is talked about a lot in Silicon Valley. Being coined a disruptor is somewhat of a catnip to investors but in Ripple’s opinion we don’t always need disruption in the industry.”