XRP Market Cap Has Lost More Than $20 Billion in the Past 24 Hours

XRP has lost more than $20 billion in market capitalization in the past 24 hours, per data retrieved by Finbold from CoinMarketCap.

The price of XRP has dropped significantly in the past 24 hours, leading to a triple-digit loss in market capitalization.

According to data retrieved by Finbold from CoinMarketCap on Monday, April 7, XRP’s market cap has decreased from $121.81 billion on April 6 to $100.28 billion by press time.

The market cap drop happened on a strong surge in trading volume, which almost quadrupled, having increased from $2.26 billion to $9.6 billion in the same timeframe.

The losses come after the Securities and Exchange Commission (SEC) is yet to announce the final resolution of the case against Ripple.

The commission dropped cases against BlockFi and Bittrex shortly after announcing that it reached a settlement with cryptocurrency exchange Binance. However, in previous instances, the commission officially dropped cases soon after making similar announcements.

The steeper-than-expected losses in the cryptocurrency market might also contribute to the recent downturn.

Crypto market loses $300 billion over the weekend as S&P 500 losses reach 13.54% YTD

The broader cryptocurrency market has seen a triple-digit loss in market capitalization over the course of the weekend, according to data retrieved by Finbold.

To be more precise, the crypto market cap has dropped by $300 billion to reach $1.90 trillion by press time on Monday, April 7.

The losses come amid a broader market downturn, with the S&P 500 also marking triple-digit losses in the past week, with a 13.54% year-to-date (YTD) decline.

However, on-chain data from CryptoQuant suggests that XRP network activity has collapsed by as much as 65%.

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