Price of XRP, Ripple's cryptocurrency token, receipt The intraday low was $1.99 on the Binance exchange earlier today.

This is the first time the token has fallen below the $2 mark since December 20.

According to CoinGecko data, XRP is the worst-performing cryptocurrency in the top 10, falling more than 6%.

For comparison, Bitcoin (BTC) and Ethereum (ETH) fell by 2.2% and 0.7%, respectively.

CoinGlass data shows that nearly $10 million worth of XRP has been liquidated in the past 24 hours.

The Ripple-related token stole the spotlight in November with its groundbreaking 282% rally. In early December, the controversial token reached a multi-year high of $2.9.

This rise was primarily driven by widespread expectations of a friendlier regulatory regime in the United States

Although the SEC will widely dismiss the Ripple case by the community after filing its appeal in early October, the New York Post recently reported I mentioned That this may not be the case. According to the report, former SEC Commissioner Paul Atkins, who has been nominated to replace Gensler, is not expected to give crypto a free pass despite his friendly stance toward the industry.

The official launch of Ripple has been very popular Ripple US Dollar (RLUSD) The stablecoin also failed to revive the XRP rally earlier this month. The fourth-largest cryptocurrency saw only a short-lived price rise.

Finally, Bitcoin is also dragging the broader cryptocurrency market down with its lackluster performance. The flagship cryptocurrency is down nearly 15% from the record peak of over $108,000 achieved earlier this month.