XRP plunges 6% post bullish run; maintains the second spot

Amidst the bearish cryptocurrency market, where all coins are painted red as of now, XRP is no exception. The token has slumped 6.09%, trading at $0.47 with a market cap of $19.2 billion at the time of writing. The total trading volume in the past 24 hours was recorded at $885.3 million.

At the beginning of the day, XRP started by trading at $0.51, with a market cap of $20.5 billion. Throughout the day, the price kept fluctuating and faced its first severe downturn when it dunked to trade at $0.49, where its market cap was $20 billion. XRP did not give up just yet and regained its momentum at $0.51 post the fall.

However, the price could not withhold the momentum at $0.51 and plunged all the way down to $0.47, with a market cap around $19 billion.

Craig S Wright aka Faketoshi, who is amidst a hash-war in the Bitcoin Cash [BCH] ecosystem, has also spared a few words regarding XRP and its dominance in the cryptocurrency space. In his words:

“XRP is the biggest scam in the space. I look forward to when this sham offer is revoked. This idea of issuing non-registered securities and selling to noobs who want to get rich without working is nothing new and neither will be the take-down.”

Here, protechtor, a cryptocurrency enthusiast and XRP follower, responded by commenting:

“In 2015, Ripple Labs (and XRP II), was fined $700k for not registering as a Money Services Business for XRP wholesale transactions. XRP can either be considered money or a security by the feds, but not both. https://www.fincen.gov/am-i-msb “

There has been a lot of confusion around XRP being a security or not. However, the regulatory authorities of the United States, such as the Securities and Exchange Commission [SEC] and Financial Crimes Enforcement Network [FinCEN], do not consider XRP a security as of now.