xrp cryptocurrency price

XRP the ‘third largest collapse of all time’ says The TIE’s Josh Frank

XRP the 'third largest collapse of all time' says The TIE’s Josh Frank
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The market capitalization of the XRP token has fallen by nearly $130 billion since its all-time high in 2018, making the crypto project’s decline similar to that of major financial institutions.

According to Josh Frank of crypto-focused research firm TIE, the project is suffer A breakdown similar to some of the biggest corporate scandals and disasters in recent history.

At its peak, the market capitalization of XRP was around $140 billion in January 2018. It has recently fallen below $10 billion, with an estimated loss of $130 billion in less than three years. This puts XRP’s “collapse” in third place after Washington Mutual’s $327 billion bankruptcy and the failure of investment giant Lehman Brothers – a $691 billion financial meltdown – in 2008.

“It is sad and unfortunate that the biggest losers in the world [XRP] The epic are individual investors who have lost unimaginable amounts of money,” Frank told Cointelegraph. “The founders of Ripple have been dumping their tokens for years and made hundreds of millions of dollars.”

Following the news that the US Securities and Exchange Commission will charge Ripple, CEO Brad Garlinghouse, and co-founder Chris Larsen, to conduct an “unregistered and ongoing digital asset offering” for XRP sales, the price of the token fell sharply. Crypto exchanges including Coinbase, Bittrex, OKCoin, Bitstamp, OSL, Beaxy and CrossTower later announced that they would suspend XRP trading or delist the token entirely, providing additional bearish fuel.

Institutional players are also starting to distance themselves from XRP. Grayscale Investments’ website now states that its “private position ‘XRP Trust is currently closed'” with one Twitter user claim The company will also not process pending orders for the XRP Trust.

At press time, XRP is at $0.21, having fallen more than 65% in the past 30 days.