A late-night Twitter spat between President Donald Trump and Elon Musk sparked fresh uncertainty in global markets, sending major cryptocurrencies tumbling and wiping out nearly $1 billion in leveraged bets.
Bitcoin BTC dropped below $101,000 overnight before bouncing modestly, with DOGE and ADA among the worst hit, down over 6% each in the past 24 hours. The CoinDesk 20 Index, which tracks the largest crypto assets, shed over 5%.
Data from CoinGlass shows that traders lost $988 million in liquidations — of which $888 million were long positions — indicative of a wipeout in bullish positions.
Exchanges like Bybit and Binance saw the biggest hits, with Bybit alone accounting for nearly $354 million in liquidations.
The liquidations largely hit major tokens, with bitcoin leading the pack at over $342 million liquidated in the past 24 hours, according to CoinGlass data.
Ether ETH followed with $286 million, reflecting the sharp sell-offs across the broader market.
Other tokens like Solana's SOL and Dogecoin DOGE saw $51 million and $27 million liquidated, respectively, as altcoin traders found themselves on the wrong side of the sudden downturn.
XRP XRP wasn’t spared either, with $23 million in positions wiped out. The data also shows that high-leverage plays on memecoins, such as 1000PEPE, added to the volatility, as traders rushed to exit.
Liquidations to the forced closure of a trader's leveraged position when they can no longer meet the margin requirements. This typically occurs when the price of the underlying asset moves against their position, causing them to lose a large portion, or all, of their initial investment.
A cascade of liquidations often indicates market extremes, where a price reversal could be imminent as market sentiment overshoots in one direction.
The sell-off comes as Trump accused Musk of going “crazy” and threatened to terminate government contracts with his companies, while Musk lashed back by linking Trump to Jeffrey Epstein’s files.
The clash overshadowed what had been a mostly bullish trend for crypto markets in recent weeks, intensifying a profit-taking bout from the start of this week.
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Leviathan News
Chinese firm Webus plans $300M XRP treasury in bold move that dwarfs its own market cap
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Uphold
“Everybody wants to earn. Everybody wants more crypto.”
How do you actually do it?
🎙️ Uphold’s own @BeatonBoulder breaks it down.
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Thank you, Elon and Trump, for making it possible for us to purchase more crypto.
#XRP
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BeInCrypto
Why are more companies building an XRP reserve? 🧵
Firms like Webus & VivoPower are investing millions in $XRP as a strategic asset for cross-border payments, not just for speculation.
Here’s what’s happening 🧐👇
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XRP price performance in USD
The current price of XRP is $2.1297. Over the last 24 hours, XRP has decreased by -3.23%. It currently has a circulating supply of 58,821,652,568 XRP and a maximum supply of 100,000,000,000 XRP, giving it a fully diluted market cap of $125.18B. At present, XRP holds the 3 position in market cap rankings. The XRP/USD price is updated in real-time.
The rating provided is an aggregated rating collected by OKX from the sources provided and is for informational purpose only. OKX does not guarantee the quality or accuracy of the ratings. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly, and can even become worthless. The price and performance of the digital assets are not guaranteed and may change without notice. Your digital assets are not covered by insurance against potential losses. Historical returns are not indicative of future returns. OKX does not guarantee any return, repayment of principal or interest. OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/ tax/ investment professional for questions about your specific circumstances.
By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX and its affiliates ("OKX") are not in any way associated with the owner or operator of the TPW. You agree that OKX is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets.
XRP is a digital asset that's native to the XRP Ledger — an open-source, permisionless and decentralized blockchain technology.
Legacy payment transfer solutions, such as SWIFT, take several business days to settle international fund transfers and charge high fees because it involves multiple banking partners. Ripple uses the XRP Ledger, an open-source blockchain network, to streamline global payment infrastructure and settle all XRP transactions, allowing businesses to send and receive cross-border payments in three to five seconds. XRP transactions are not only much faster than SWIFT or decentralized payment networks like Bitcoin, but they are much cheaper. To be more specific, XRP’s transaction fees cost only $0.0002.
Companies and financial institutions can use XRP to send real-time cross-border payments, source crypto liquidity from global crypto markets, and create their own central bank digital currency (CBDC).
While payment was the foundation of Ripple's operations in its early years, the protocol has gradually rebranded into a more robust ecosystem in recent years, owing to the explosion of decentralized applications. Today, Ripple provides an environment in which DeFi and NFT applications can thrive, in addition to enabling lightning-fast and cheap payments.
XRP is the native token used to facilitate transactions on the Ripple network.
How does Ripple work
There are three core components of the Ripple network:
RippleNet: RippleNet is a network of financial institutions, including global banks, that helps users send and receive payments on Ripple. Just as HTTPS provides a common protocol to send information across the web, RippleNet allows value transfer using a uniform set of rules called Ripple Transaction Protocol (RTXP).
Ripple: Ripple is the core platform powered by XRP Ledger (XRPL) and provides three features, namely the real-time gross settlement system (RTGS), currency exchange, and remittance transfers.
Gateways: Gateways are banks that act as trusted intermediaries between two transacting parties. These gateways are responsible for transferring funds in fiat and cryptocurrencies using the Ripple network.
What is the XRP Ledger
Blockchains like Bitcoin or Ethereum are decentralized and rely on trustless consensus mechanisms where users do not need to trust each other to send value. On the contrary, Ripple relies on a trust-based consensus mechanism using the XRP Ledger consensus protocol, where transactions are verified by trusted validators.
The XRP Ledger comprises servers that collect transactions from client applications, such as financial institutions, and processes them. Participants using the Ripple network choose a set of servers that participate in a consensus mechanism from a Unique Node List (UNL) maintained by Ripple. These servers are trusted to behave honestly to validate transactions. As long as 80 percent of servers on the UNL agree on a set of transactions, the transactions are verified. If a majority consensus is not achieved, the validators modify their proposals over several rounds until the UNL servers consider the transitions valid.
The XRP Ledger servers are operated by companies and financial institutions. Ripple, XRP Ledger Foundation, and Coil (a Ripple-funded platform) release lists of recommended validators based on metrics like past performance, verified identity, and IT policies.
XRP price and tokenomics
Ripple minted a hard-capped supply of 100 billion XRP at launch. Of these 100 billion XRP tokens, 20 percent were given to Ripple founders Chris Larsen and Jed McCaleb, 77.8 percent of XRP tokens were allocated to Ripple, and 0.2 percent were airdropped to users.
In 2017, Ripple sent 55 billion XRP tokens from its allocated supply to an escrow account. It was decided that the company would release a maximum of 1 billion XRP tokens per month to support Ripple's operations. The unused funds are sent back to the escrow account by the end of each month. Messari suggests that nearly 300 million XRP from the escrow account enter circulation each month. Ripple reportedly holds 40.7 billion XRP tokens in escrow as of February 2024. Despite the large volume of tokens being moved at regular intervals, the monthly release hasn't caused instability for XRP prices.
All XRP tokens were pre-mined by Ripple at launch. As a result, you cannot mine new XRP tokens. To ease inflation, Ripple has implemented a deflationary mechanism for XRP wherein all the fees collected on the network are burned.
XRP tokens enter circulation when the tokens are sold in the open market. Ripple cannot sell more than 0.25 percent of the average daily volume of crypto exchanges from their reserves during programmatic sales. XRP sales also come from direct selling by institutions partnering with Ripple.
The XRP price reached its all-time high of $3.84 on January 4, 2018. The token has a maximum supply of 100,000,000,000 XRP, and a circulating supply of 55.9 billion as of August 2024.
About the founders
Ryan Fugger founded a decentralized platform for creating and managing credit lines called RipplePay in 2004, which would later become Ripple. In 2011, Jed McCaleb, with a team of developers, started working on a new consensus mechanism for digital currencies, which was later called XRP Ledger. McCaleb was joined by Chris Larsen, David Schwartz, and Arthur Britto.
A year after, Jed McCaleb and Chris Larsen reached out to Ryan Fugger to acquire RipplePay, and Ryan decided to hand over the project to them. After integrating RipplePay, Larsen, and McCaleb launched Opencoin (now Ripple Labs) in September 2012.
Ripple Labs released the XRP cryptocurrency in 2012 and raised over $7.5 million in a Series A funding round led by Andreessen Horowitz in 2013 to fund the development of the Ripple project. Since then, be it implementing stricter anti-money laundering policies or obtaining a BitLicense from the State of New York, Ripple has focused on gaining the trust of financial institutions to join their network and process payments.
Brad Garlinghouse, who joined as Ripple's first Chief Operating Officer in 2015, was appointed the company's Chief Executive Officer at the start of 2017, replacing Larsen. Garlinghouse continues to hold the position of Ripple CEO today.
Ripple highlights
Ripple is popular among businesses due to the numerous business opportunities it offers. Santander adopted Ripple's technology for the launch of One Pay FX in 2016. The service aimed to provide faster and more cost-effective cross-border payments to clients. In the same year, Ripple launched a pilot program with Standard Chartered to bring its fast cross-border payment services to the lender's customers.
After adding XRP support in 2018, Wirex, a digital payments platform that supports transactions in cryptocurrency, received 12 million in XRP deposits. Additionally, Ripple gained visibility and credibility in the cryptocurrency industry in 2019. The Swiss SIX exchange launched an XRP ETP (exchange-traded product) in April, making it easier for traders to gain exposure to XRP. Nasdaq also added XRP to its cryptocurrency indexes, which helped to increase awareness and adoption of the cryptocurrency. Furthermore, Boerse Stuttgart, the second-largest stock exchange in Germany, launched XRP exchange-traded notes. Ripple announced at the end of 2019 that it had raised $200 million from Tetragon, SBI Holdings, and Route 66 Ventures.
In April 2024, Ripple announced plans to launch a U.S. dollar-pegged stablecoin that would compete with current leading stablecoins USDT and USDC, from Tether and Circle, respectively. Ripple has said the stablecoin will be backed 1-to-1 by equivalent assets including cash, U.S. dollar deposits, and government bonds. The stablecoin will initially be launched in the U.S.
Ripple and the U.S. Securities and Exchange Commission (SEC)
Ripple previously faced legal challenges from the U.S. Securities and Exchange Commission (SEC). The SEC alleged that XRP is a security subject to federal securities laws, while Ripple argued that XRP is a currency and, therefore, not subject to the same regulations.
A significant legal milestone was achieved in the cryptocurrency industry during July 2023 as U.S. District Judge Analisa Torres ruled that Ripple Labs Inc did not violate federal securities law by selling its XRP token on public exchanges. This ruling marks the first victory for a cryptocurrency company in a case brought against the SEC.
This outcome could have far-reaching implications for the broader cryptocurrency market, as it sheds light on the regulatory landscape surrounding digital assets and token sales.
Number of posts mentioning a token in the last 24h. This can help gauge the level of interest surrounding this token.
Contributors
Number of individuals posting about a token in the last 24h. A higher number of contributors can suggest improved token performance.
Interactions
Sum of socially-driven online engagement in the last 24h, such as likes, comments, and reposts. High engagement levels can indicate strong interest in a token.
Sentiment
Percentage score reflecting post sentiment in the last 24h. A high percentage score correlates with positive sentiment and can indicate improved market performance.
Volume rank
Volume refers to post volume in the last 24h. A higher volume ranking reflects a token’s favored position relative to other tokens.
In the last 24 hours, there have been 24K new posts about XRP, driven by 6K contributors, and total online engagement reached 8.9M social interactions. The sentiment score for XRP currently stands at 83%. Compared to all cryptocurrencies, post volume for XRP currently ranks at 474. Keep an eye on changes to social metrics as they can be key indicators of the influence and reach of XRP.
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Posts
24,466
Contributors
5,968
Interactions
8,893,970
Sentiment
83%
Volume rank
#474
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Posts
20,752
Interactions
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XRP FAQ
How much is 1 XRP worth today?
Currently, one XRP is worth $2.1297. For answers and insight into XRP's price action, you're in the right place. Explore the latest XRP charts and trade responsibly with OKX.
What is cryptocurrency?
Cryptocurrencies, such as XRP, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as XRP have been created as well.
Watch this video to learn about what happens when you move your money to a crypto exchange.
Disclaimer
The social content on this page ("Content"), including but not limited to tweets and statistics provided by LunarCrush, is sourced from third parties and provided "as is" for informational purposes only. OKX does not guarantee the quality or accuracy of the Content, and the Content does not represent the views of OKX. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly. The price and performance of the digital assets are not guaranteed and may change without notice. OKX does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. For further details, please refer to our Terms of Use and Risk Warning. By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX and its affiliates (“OKX”) are not in any way associated with the owner or operator of the TPW. You agree that OKX is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets. Product may not be available in all jurisdictions.
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