XRP was one of the top performers on Coinbase among the top 10 altcoins by market cap during the recent downturn, according to data from Kaiko, the crypto market intelligence website. Other cryptocurrencies mentioned in Kaiko’s post include SOL, DOGE, LTC, ADA, MATIC, and DOT.
According to Kaiko’s post on X (Twitter), all of the well-known altcoins, with the exception of XRP, had average transaction values under $400. A snapshot of the 7-day moving averages for all the listed cryptocurrencies showed that at the time of the decision in the dispute between Ripple and the Securities and Trade Commission (SEC), XRP’s common commerce measurement was higher than its value.
According to data from TradingView, Bitcoin was the market leader in the value crash of the cryptocurrency market that started in the previous 72 hours and saw a loss of around 8.7% of its value. The decline saw Bitcoin’s price break through significant support and retest a recent low of $25,350. The flagship altcoin Ethereum experienced a similar situation, losing 7.36% of its value during the fall. Additionally, ETH collapsed while in need of assistance before locating a local bottom at $1,602.
During the current meltdown, the value of XRP decreased by 9.8%. But according to Kaiko’s study, rather than a majority of clients losing interest in the digital asset, that price decline might have been caused by a smaller number of dealers selling off higher amounts.
On July 13, just after the decision, XRP’s value jumped from $0.47045 to $0.94799, representing a 102.12% increase in less than 24 hours. Given that nearly every aspect of that day has light, it appears to have occurred a very long time ago. The price of XRP fell to $0.4309 on August 17, however it has since registered a small recovery. At the time of writing, the most popular altcoin was trading at $0.49677.
