XRP has lost value during the day, falling behind BUSD in terms of market cap.
According to data from CoinMarketCap, Ripple’s native token XRP fell to the seventh place in terms of market capitalization with its decline.
XRP Drops
XRP fell behind BUSD, the stablecoin of the largest cryptocurrency exchange Binance.
Binance’s native cryptocurrency, BNB, ranked fifth. The fact that Binance’s two separate cryptocurrencies are in the 5th and 6th place clearly reveals the power of the platform in the industry.
XRP fell behind the fifth spot for the first time since 2014 last February. Ripple’s native token has faced significant difficulties after the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple.
Despite all this, XRP managed to maintain its place among the top 10 cryptocurrencies in terms of market capitalization.
XRP has slumped around 10% in the past 24 hours, joining the slump of cryptocurrencies amid the massive sell-off on Friday.
Bitcoin and Ethereum Fall
The leading cryptocurrency Bitcoin, after reaching the long-awaited $25,000 level, corrected and fell below the $22,000 level.
The Merge upgrade, which is thought to be an important catalyst in the rise of the market, could not prevent the decline experienced by Ethereum. The asset saw below the $1700 level.
However, the Fed plans to continue to raise interest rates due to rising inflation. It is estimated that the Fed’s aggressive stance will slow down in 2023.
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