XRP Plummets 70% Amid SEC's Push for US Crypto Dominance

The past week was filled with significant events in the cryptocurrency market. XRP's value plummeted by 70% from its July peak of $3.65, despite Ripple's efforts to secure institutional deals and regulatory victories.

This crash occurred even as investors anticipated a reversal following former President Donald Trump's election win, which had previously driven up XRP's price from $0.49 to $3.39 in just a few weeks.

Trump defended his billion-dollar cryptocurrency windfall, stating that there was nothing 'illegal' or 'wrong' about it and emphasizing the importance of cryptocurrency for the US economy.