The post XRP wipes $11 billion just 48 hours after Ripple case dismissed appeared on BitcoinEthereumNews.com.

President Donald Trump’s re-election and the news that the now-former Securities and Exchange Commission (SEC) Chair Gary Gensler would resign helped XRP soar from about $0.51 to January highs near $3.31 for a 549% rally. Events in the subsequent months provided substantially fewer tailwinds, with even the SEC’s watershed decision to abandon its lawsuit against Ripple Labs triggering only a short-lived rally. In fact, though the immediate reaction to the news was positive and led to a 14.35% rally from March 18 lows near $2.23 to March 19 highs near $2.55, sending the token’s market capitalization to $149.18 billion, subsequent trading proved something of a bloodbath. Specifically, XRP erased $11.4 billion within just 48 hours despite it shedding arguably the biggest bearish factor that kept it depressed since the lawsuit was first filed in 2021, per the data Finbold retrieved from CoinMarketCap on March 21. XRP 7-day market capitalization chart. Source: CoinMarketCap XRP proves susceptible to wider crypto market headwinds The same phenomenon affected the entire cryptocurrency market, though the effect was somewhat delayed. The cumulative valuation of digital assets soared from $2.62 trillion on March 18 to a March 20 high of $2.81 trillion. By press time on March 21, the figure diminished by some $110 billion and stands at $2.7 trillion. Total cryptocurrency market cap, 7-day chart. Source: TradingView Generally, the cryptocurrency market appears entirely affected by the same fear that has gripped stock investors and led to a significant equity selloff and, if gold’s price movements are to be used as a gauge, a flight to the safety of commodities. While President Trump’s protectionist tariffs may yet prove positive in the long run, in the short term, they have generated an escalating trade war that has ensured traders are uncertain about their investments, consumers are uncertain about…

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Filed under: News - @ March 21, 2025 2:30 pm