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The Ripple-linked XRP token is on track to log its worst daily drop since April, collapsing by roughly 8%.
Earlier this Wednesday, the token crashed to an intraday low of $3.22 before seeing an extremely modest bounce on the Bitstamp exchange.
At press time, the controversial token is changing hands at $3.28 following a rather severe correction.
XRP is now down 12% from its record peak of $3.66, which was logged on July 18.
According to data provided by analytics platform CoinGlass, more than $21 million worth of XRP longs have been liquidated over the past hour alone amid relentless selling.
Altcoin bloodbath
However, it is worth noting that XRP is not even the hardest-hit token in the top 10.
Dogecoin (DOGE) is down by roughly 9% over the same period of time, plunging to an intraday low of $0.24.
Solana (SOL) is also getting hit hard, plunging by roughly 7%.
This shows that extreme risk-on sentiment is clearly cooling off following a substantial altcoin rally. It is likely that there is some aggressive profit-taking after these altcoins recently logged double-digit gains.
Meanwhile, Bitcoin's market cap dominance is now approaching 62% following a rather precipitous drop. The crypto king has seen only a relatively modest drop of less than 2%, currently trading close to the $118,000 level.