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Bitcoin (BTC) led the broader market decline again after falling 6.78% to $21,841.95, which was very close to its monthly low of $20,776.82. Ethereum (ETH) also recorded a sharp drop of 5.97%, changing hands at $1,736.18.
Most altcoins traded in the red on Friday, with Binance Coin (BNB) down 8.16% to $283.01, Cardano (ADA) down 12.32% to $0.473, Solana (SOL) down 11.09% to $36.37, XRP currently It changed hands at $0.3435 after falling 8.31% over the past 24 hours.
The digital currency ecosystem is a very volatile one, and cryptocurrencies may react negatively to any news. While the source of the market shock is currently unclear, there are a few digital currencies with clear bullish fundamentals that remain on a generally bearish trajectory.
XRP, for example, has been in the spotlight for nearly two years because of its involvement in a legal battle between the U.S. Securities and Exchange Commission (SEC) and blockchain payments company Ripple Labs Inc. While the outlook is generally bleak, Ripple is making up for it with functional business partnerships that will help get the XRP token right.
Ripple recently partnered with Travelex Bank to launch a crypto-backed payment gateway in Brazil. The payments business’ bill includes XRP tokens.
