Flash crash: XRP plunges by 12.39% in one hour; tables have turned across the board

The second-largest cryptocurrency XRP, has shown wild fluctuations in its market performance. The coin plunged unexpectedly low within the span of an hour today wherein it was down by 12.39%. At press time, XRP is trading at a depreciated price of $0.42 with a market cap as low as $17.1 billion. The 24-hour trading volume is recorded at $1.3 billion.

XRP 1-hour candlesticks | Source: tradingview

XRP 1-hour candlesticks | Source: tradingview

XRP has just broken its previously formed support at $0.43, which is evidencing towards a deep cut in the price trend of the cryptocurrency.

Ripple’s native cryptocurrency is the only one that has been acting out of relation with Bitcoin [BTC] and other fellow altcoins and is highly volatile at the moment. Just an hour ago, the altcoin was colored in green and up by 0.28% where it was trading at a healthy price of $0.48 where its market cap was above $19 billion. In a matter of an hour, XRP experienced a wipeout of over $2 billion.

As the change in market cap is so rapid, XRP could face several consequences, wherein a major threat is the loss of its second position that can be reclaimed by Ethereum [ETH] if the drop continues.

Regarding the bear market, John McAfee, a tech entrepreneur who takes a keen interest in the speculative cryptocurrency world, wrote on Twitter:

“People have panicked. But there’s no fucking need. We’re in a bear market. They suck, yes, and not like a hooker with no teeth. But I’m 73 and have seen this dozens of times in many markets. Bear markets are like Winter. It’s always followed by a glorious Spring. Fucking relax.”

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