XRP price plunges wiping out $11 billion in a day

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XRP price plummeted 6.5% on Thursday, October 30, losing nearly $11 billion from the tokens market cap, which dropped from roughly $159.2 billion on Wednesday to $148.5 billion at the time of publication.

The drop came amid a broader market fallout, with the top 10 cryptocurrencies by total capitalization all suffering major losses.
With a price of $2.47, the lowest since the start of this week, XRP was one of the altcoins that got hit the hardest, matched only by Solana (SOL), which was likewise down more than 6%.

In similar news, around 4 million XRP, valued at over $10.5 million, was locked in escrow. The transaction was linked to Flare’s Core Vault, an institutional-scale wallet that holds more than 1.57 billion XRP.

Why is the crypto market crashing?

The overall sell-off shaved roughly 4% from total crypto market capitalization, bringing it to around $3.64 trillion.

Bitcoin, for instance, slid some 4% and briefly dipped to around $108,000 after the Fed tempered hopes for further rate cuts this year, triggering a swift “buy-the-rumor, sell-the-news” pullback.

However, some pockets of strength emerged. Zcash (ZEC) surged 9% above $350, while the Official Trump Coin (TRUMP) gained 6%, extending the rally that pushed it up 20% just one day prior.

Meanwhile, more than $1 billion worth of cryptocurrencies was liquidated over the past 24 hours, over $675 million in Bitcoin and Ethereum (ETH) alone.

Featured image via Shutterstock

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