XRP leads market decline with 20% drop
XRP has taken the hardest hit among major cryptocurrencies, falling more than 20% in the recent market correction. The Ripple-linked token now sits dangerously close to being overtaken by Circle’s USDC stablecoin in market capitalization rankings.
I think what’s particularly striking is how far XRP has fallen from its peak. The token is down nearly 70% from the record high of $3.65 it reached last July. That’s a significant decline, even by cryptocurrency standards.
Privacy coins also suffer heavy losses
The downturn hasn’t been limited to XRP. Privacy-focused cryptocurrencies have taken a beating too. Zcash dropped 19.2% to $213.65, while Monero, the sector leader, fell 18.5% to $310.96. It seems the market correction has been particularly harsh on these assets.
What’s interesting, perhaps, is how widespread the sell-off has been. Not a single cryptocurrency in the top 100 managed to stay in positive territory during this rout, if you exclude stablecoins. That’s unusual, even for volatile markets. Usually there’s at least one or two tokens bucking the trend.
Some tokens show relative strength
But there were a few exceptions that performed relatively better. Hyperliquid’s HYPE token dropped less than 4%, showing notable resilience. The decentralized exchange token got a boost from its recent Coinbase listing, which probably helped cushion the fall.
TRON and Toncoin also logged less severe drops compared to the broader market. They didn’t escape losses entirely, but their declines were more moderate. It makes me wonder what factors protected these particular tokens when everything else was falling.
The market correction has been universal, wiping out gains across every major sector. There really hasn’t been anywhere to hide for cryptocurrency investors. When corrections hit this broadly, it often signals deeper issues in market sentiment.
I’m curious about what triggered this particular downturn. Sometimes it’s regulatory news, sometimes it’s broader economic factors affecting risk assets. The fact that privacy coins were hit especially hard might suggest specific concerns about that sector.
What happens next will be telling. If XRP continues to slide and actually falls below USDC in market cap, that would be quite symbolic. Stablecoins aren’t supposed to compete with major cryptocurrencies in market capitalization rankings.
The resilience shown by Hyperliquid’s token is worth noting too. Recent exchange listings can provide temporary support, but whether that strength holds through continued market pressure is another question entirely.
For now, investors are watching closely. The cryptocurrency market has proven resilient before, bouncing back from similar corrections. But each downturn feels different, and this one seems particularly broad-based.
