Market Watch: Ripple (XRP) Plummets 12% Weekly While Crypto Market Stagnates

By akohad Oct17,2022


The start of the week begins with little-to-no substantial movements from most cryptocurrencies, as bitcoin has stalled around $19,000.

The altcoins are slightly in the green, except for XRP. Aside from the daily price dip, the asset is down double-digits on a weekly scale.

Bitcoin Calms at $19K

BTC experienced a lot of volatility at the end of last week, when the US CPI numbers came out. Although they were almost as expected, bitcoin headed straight south, as it typically happens when something is announced by the US lately, and dropped to a three-week low of $18,200.

However, the price fluctuations continued this time in the opposite direction. In a matter of hours, the cryptocurrency shot up to almost $20,000, marking a weekly high.

Nevertheless, it failed to breach that level and returned to $19,000 on Friday. This came along with the Friday Wall Street bloodbath.

The weekend was mostly uneventful, similar to previous ones. As such, BTC still stands at around $19,000. Its market cap is close to $370 billion, and its dominance over the alts is still at 40%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

XRP Drops Double-Digits Weekly

The alternative coins went through similar volatility as BTC at the end of the week, but the weekend was an entirely different story.

Ethereum has added less than 2% since yesterday and stands inches above $1,300. Binance Coin, Solana, MATIC, TRON, and Avalanche are also with minor gains.

In contrast, Cardano, Dogecoin, Polkadot, and Shiba Inu are with insignificant losses. Ripple, though, is down by 3.5% since yesterday. Moreover, the recent high-flyer has lost about 13% in the past seven days.

QNT is the best performer from the mid-cap alts, following a 9% daily increase. Overall, though, the crypto market cap has remained still and sits at $925 billion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.


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By akohad

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