The price of XRP soared to $2.82 last week on the back of renewed hope for regulatory clarity. But volatility on the crypto market has shook it, and on Tuesday the coin fell to below $2 as Bitcoin continued cooling off.
According to Coinbase’s crypto exchange, Ripple linked XRP hit a price point of $1.90 Tuesday. That represents a drop of nearly 33% from the peak reached last week. Data from CoinGecko shows that it is now down 15 percent over the last day, with a price of $2.06.
Despite its latest drop, XRP has gained 237% in the last month. Its recent growth is impressive.
XRP’s price soared in early and late November, aided by Donald Trump, a crypto-friendly candidate. XRP’s rise turned into a rocketship to price territories not seen in 2018 after SEC Chairman Gary Gensler stated he would resign once Trump is elected.
XRP came under intense regulatory scrutiny during Gensler’s term. In particular, the SEC focused on Ripple Labs whose cofounders had created the token. Ripple’s Payments Service is built upon XRP. Trump’s victory has fueled the optimism of XRP, fueling its launch as exchange-traded fund (ETF) products.
The recent rise in price has been followed up by a steep correction. XRP is currently the largest loser among the 10 top cryptocurrencies for the last day. Bitcoin has fallen just 1.5% in the past day, to a value of approximately $95,688, up from its previous price of $94,386.