Ripple (XRP) and Stellar (XLM) Bleed Heavily in another Red Wednesday for Crypto
As expected, Ripple’s XRP token has begun the usual correction that most digital assets do following a media-driven price spike.
The rest of the cryptocurrency market is also in a relatively strong decline, losing $9 billion overall in the past 24 hours. Low volume and allegations of market manipulation have been cited as possible causes.
Poster boy Bitcoin is faring better than most, down only 2 percent and trading at $6,430. It’s the lowest its been in over a week but still within predicted trend patterns. Analysis shows that BTC will likely continue to trade horizontally in this range for the next few days before breaking either up or down out of its descending triangle pattern.
Some of today’s biggest losers include Ripple’s fellow cross-border payments platform Stellar Lumens (XLM), down 7 percent at $0.23 and Bitcoin Cash (BCH) down 6 percent at $508.
Ethereum (ETH), Cardano (ADA) and Litecoin (LTC) each suffer around 5 percent losses.
The market downturn has been blamed on various factors including Bitcoin’s low volume and a report yesterday by The Wall Street Journal accusing Bitcoin of price manipulation by trading bots. The cryptocurrency market continues to battle with criticism and malicious intent, much of which comes from supporters of financial institutions that are guilty of far worse.
Nordic banking giant Danske Bank was recently implicated in a €200 billion money-laundering scandal, an amount that overshadows the entire cryptocurrency market value.
In an attempt to reduce manipulation a number of concerned industry leaders have come together to form the Crypto Community Watch program, offering a 100 BTC reward to whistleblowers who can help secure and regulate the market.