Ripple Drops More Than 80% From All-Time High
XRP reached a high of $3.31 on January 4, and has declined 80% to $0.67 since.
Ripple’s XRP token followed the broader crypto market lower today, reeling from the latest developments affecting the space.
The digital token declined to as little as $0.7129 today, representing a roughly 81% drop from the all-time high of $3.84 that XRP reached in January, CoinMarketCap data shows.
Forbes says, the XRP token has experienced some sharp volatility over the last several months, surging from less than $0.01 at the start of 2017 to $2.25 at the end of that year, additional CoinMarketCap figures reveal.
Ripple’s XRP, the world’s third-largest cryptocurrency, is down 80% from its all-time high of $3.32, trading at just $0.66 per token Monday afternoon, according to Markets Insider data. The virtual currency, which was designed for international payments and transfers, has lost 18% in the past day.
According to Businessinsider, XRP now has a market capitalization of just $27.3 billion, according to CoinMarketCap.com. That’s $120 billion less than its peak market value of $147 billion in early January, when it briefly overtook Ethereum as the second-largest cryptocurrency.
All major cryptocurrencies have been smoked since the start of the new year. In 2018 so far, the total market cap for virtual currencies has fallen by $245.7 billion, or roughly 43%, thanks to fears of new regulations in Asian markets like China.
Facebook helped to further the selloff on Friday, when the social network announced it would ban all ads for bitcoin, cryptocurrencies, and initial coin offerings (ICOs). At the same time, it was reported that US regulators had subpoenaed cryptocurrency exchange Bitfinex and cryptocurrency company Tether, further driving down prices.
To make things worse for an already volatile market, India’s finance minister Arun Jaitley, also said that the country’s government “does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto assets in financing illegitimate activities or as part of the payment system.”
Ripple price LIVE: XRP stock price down today as crypto crash continues
RIPPLE continues to post double-digit percentage losses on Tuesday as cryptocurrencies extend their lengthy slump which has wiped out large swathes of the market. Here is the latest Ripple price live news and latest updates on XRP, bitcoin and Ethereum.
Ripple’s XRP crypto token is hovering around the $0.63 price tag on Tuesday after falling from $0.83 (£0.59) on Sunday.
The cryptocurrency suffered massive price losses along with other cryptocurrencies Bitcoin and Ethereum last week – with all now seeing double-digit losses in a dramatic week.
The CoinMarketCap crypto tracker below shows XRP’s price and market cap value in real time.
Here are all the latest Ripple updates from CoinMarketCap, CoinDesk and leading crypto experts. All times are GMT.
Tuesday, February 6
12.46pm: Cryptocurrencies are haemorrhaging money in a ‘cryptopocalypse’
More than 150 billion dollars has disappeared from the cryptocurrency market within the last 24 hours, according to Twitter user Kristian Lien who posted: “The #Cryptopocalypse is upon us.”
The continued collapse has been described as a “bloodbath”, and a “massacre”.
Adam Webb is editor in Smartereum, blockchain and currency news, where he produces updates on Blockchain, Ethereum and other alternative cryptocurrencies.