The price of XRP, the Ripple-affiliated cryptocurrency token, reached an intraday low of $1.99 on the Binance exchange earlier today.
This marks the first time that the token has plunged below the $2 mark since Dec. 20.
According to CoinGecko data, XRP is the worst-performing cryptocurrency in the top 10, plunging by more than 6%.
For comparison, Bitcoin (BTC) and Ethereum (ETH) are down 2.2% and 0.7%, respectively.
CoinGlass data shows that nearly $10 million worth of XRP has been liquidated over the past 24 hours.
The Ripple-linked 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.
The rally was primarily driven by widespread expectations of a much friendlier regulatory regime in the U.S.
Even though the SEC is widely to drop the Ripple case by the community after filing its appeal in early October, the New York Post recently reported that this might not be the case. 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, according to the report.
The official launch of Ripple's much-hyped Ripple USD (RLUSD) stablecoin also failed to revive the XRP rally earlier this month. The fourth-largest cryptocurrency experienced only a short-lived price spike.
Finally, Bitcoin is also dragging the broader crypto market down with its lackluster performance. The flagship cryptocurrency is down nearly 15% from the record peak of more than $108,000 that was achieved earlier this month.