Ripple (XRP) has slumped over 12% over the weekend!
With a low of $0.371 on Sunday at 1600 UTC.
This huge slump also affected XRP’s market cap with it going down to $16.04 billion, which is a significant 11.47% decrease from the peak level registered on Saturday!
Siam Commercial Bank which had officially stated that they were taking up XRP as a cross-border payment solution, now released a very controversial statement stating that their previous promise was a mistake and that they will not be using XRP anytime soon!
Traders had bought the rumour that SCB was accepting XRP which was the reason for XRP’s previous surge!
The huge slump may be attributed to this reversal of SCB’s decision, with most traders exiting their positions at interim profit!