Forex and Crypto News

All the achievements of XRP rally have already been canceled

16:33 24 December /2020

The scandal surrounding the XRP developer Ripple is gaining momentum, which has already had an extremely negative impact on the price of the token.

The coin has been weakening since the beginning of this week, today it has fallen in price to its lowest level since the beginning of last month. Thus, all achievements of the November rally have already been canceled.

At the time of publication, XRP is trading below $0.30, although it was only in early December that the altcoin was reaching $0,62. Cryptocurrency capitalization decreased to $12,173 billion.

According to the Santiment team, large XRP holders or so-called "whales" are massively selling their tokens. This trend is directly related to the problems of its developer, Ripple.

The Santiment report says that over the past 24 hours, the number of large token holders has decreased by 18 addresses that control at least 10 million coins in the amount of $490,000 or more. Such players have also contributed to fanning panic in the XRP camp. Most likely, the negative trend will dominate in the coming days.

Many analysts believe that accusations by Ripple CEO Brad Garlinghouse against the Securities and Exchange Commission (SEC) only exacerbate the XRP token's plight.