XRP Price Plunges, Wiping Out $11 Billion in Market Cap

Cryptocurrency

On Thursday, October 30, XRP’s price sharply fell by 6.5%, erasing nearly $11 billion from its market capitalization — down from approximately $159.2 billion to $148.5 billion.

The drop came amid a broader market downturn, during which the 10 largest cryptocurrencies by market capitalization suffered significant losses.

With a weekly low of $2.47, XRP became one of the biggest losing altcoins, second only to Solana (SOL), which dropped by more than 6%.

The large-scale sell-off reduced the overall cryptocurrency market capitalization by about 4%, bringing it down to $3.67 trillion.

For instance, Bitcoin fell around 4% and dropped below the $107,000 mark. Some analysts believe the decline of the leading cryptocurrency is linked to the U.S. Federal Reserve virtually ruling out any further rate cuts this year.

However, there were also some winners during the slump. Zcash (ZEC) surged 9% above $350, while Official Trump Coin (TRUMP) gained 6%, extending its rally by more than 20%.

The massive market sell-off led to over $1 billion in crypto liquidations, with more than $675 million coming from Bitcoin and Ethereum (ETH).

See also: "Bitcoin Price Today: Stalls at $110K with October Losses"

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