Nearly every tradeable asset has seen extreme volatility as a result of what is now a global coronavirus pandemic.
In Thursday trading, the S&P 500 plummeted more than 9%, its worst single-day performance since 1987. Meanwhile, the crypto market fell around 30%, with Bitcoin (BTC) dropping to the $5,000 range in early morning trading after starting the day in sight of $8,000.
One great indication of just how much blood is in the streets is the current price of XRP (XRP), the third-largest digital asset by market cap, which has fallen to levels last seen before the astonishing 2017 run-up that proceeded the current crypto bear market.
XRP is now down around 25% on the day to $0.1556 after trading as high as $3.30 during the height of the last bull market.
For crypto investors looking for buying opportunities amid the market rout, the sell-off in XRP could prove fertile ground. However, any additional global uncertainty or stock market volatility could spell further downward pressure on the entire crypto market.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.