TRON (TRX) price moved back sharply today after hitting the $0.05 level during Thursday’s trade. The coin lost more than 8% of value to $0.038 in the last twenty-four hours, down 11% in the previous seven days. TRX coin has been in the news over the last couple of weeks, amid several fundamental moves that could have long-standing implication on its price.
Ranked at the 12th spot based on market capitalization of $2.57 billion, TRX coin has been expanding its penetration in the entertainment industry by offering safer infrastructure necessary for sharing entertainment contents.
The successful test net lunch and prospects for the complete launch in the next few months created a lot of excitement in crypto investors. The latest selloff in TRON price was fuelled by the broader volatility in crypto markets.
Ripple Extends Downtrend
Ripple, the third largest cryptocurrency, has been shedding its value at a robust pace over the last three months. XRP coin declined 5% today – extending the declining streak into the third straight session. Ripple currently trades below $0.50, down 80% from the all-time high it touched early in the year.
South Korea and Japan account for the major portion of its trading volume. South Korean exchanges, Bithumb and Upbit generated 24% and 7% of trading volume in the last 24-hours, while Japanese exchange Bitbank accounted for 10% of total trading volume.
South Korean and Japanese crypto markets are under pressure due to regulators crackdown and increasing taxation. South Korea plans to announce cryptocurrency taxation by mid of this year.
Japan, on the other hand, has intensified clampdown on crypto exchanges since the theft of $530 million worth of NEM tokens from Coincheck exchange in January this year. The country banned three exchanges last month, and two more exchanges ceased operations due to hard regulatory requirements.