Bitcoin

The TIE’s Josh Frank says XRP is “Third Biggest Crash of All Time”

The market cap of the XRP token is down nearly $ 130 billion from its all-time high in 2018. This makes the demise of the cryptocurrency project comparable to the collapse of large financial institutions.

according to Josh Frank from the cryptocurrency research firm The TIE that is the project experiment A breakdown similar to some of the biggest business scandals and disasters in recent history.

At its peak, XRP’s market capitalization was around $ 140 million in January 2018. It recently fell below $ 10 billion, an estimated loss of $ 130 billion in less than three years. XRP’s “crash” is the third following the $ 327 million bankruptcy of Washington Mutual and the bankruptcy of investment giant Lehman Brothers, a financial collapse of $ 691 billion in 2008.

The TIE’s Josh Frank says XRP is “Third Biggest Crash of All Time”
The TIE’s Josh Frank says XRP is “Third Biggest Crash of All Time”

“It’s sad and unfortunate to have the biggest loser in the series [XRP] be it the individual investors who have lost unimaginable amounts of money, “Frank told Cointelegraph. “The founders of Ripple dumped their tokens for years and made hundreds of millions of dollars.”

The price of the token fell rapidly following news that the US Securities and Exchange Commission accused Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen of “making a continuous offering of unregistered digital assets” for their XRP sales. Cryptocurrency exchanges, including Coinbase, Bittrex, OKCoin, Bitstamp, OSL, Beaxy and CrossTower later announced that they would either suspend XRP trading or remove the token entirely. which would provide additional fuel of a bearish nature.

Institutional actors have also started to distance themselves from XRP. The Grayscale Investments website states that the “private placement in the XRP Trust is currently closed”. with a Twitter user affirmative that the company will no longer process any pending applications for the XRP Trust.

At the time of this writing, XRP was priced at $ 0.21 after falling more than 65% in the past 30 days.

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