RIPPLE (XRP) continues to crash overnight suffering heavy losses over a 24-hour period to remain the worst performing major cryptocurrency on the market. Why is ripple going down? Why is Ripple crashing?
The crypto-coin took major losses again today as it shed 5.77 percent in the last 24 hours in a sustained bearish trend affected the entire crypto-market.
Ripple is currently trading at $0.51 as of 12pm, having dipped down to $0.4844 in the early hours of the morning.
And it’s not the only cryptocurrency down today – with bitcoin’s price recorded as $7,159.29 as of 10.30am on March 30.
Ethereal is also down, falling 5.3 percent to lows of $391.22 today while Litecoin is down 2percent to $117.
Why is Ripple crashing?
A widespread crash has impacted several major cryptocurrencies in the last week of March, sharing off billions of value from the market cap.
The entire market lost $40 billion in two days, with little sign of recovery in the next few days.
Ripple has suffered the heaviest blow, faring the worst out of the top five cryptocurrencies in the first quarter of 2018.
According to CoinMarketCap, Ripple has dropped more than 74 percent since mid-2017 and continues to struggle as the year goes on.
Ripple isn’t the only token to suffer, as the media buzz over regulation and large-scale hacks continue to put pressure on the market.
More than 50 percent of the total market cap for cryptocurrencies has dropped in 2018.
The two largest cryptocurrencies, bitcoin, and Ethereum, have also taken a hit, dropping by 40 percent in three months.
While Ripple is available on more than 60 global exchanges, it is yet to be featured on popular US-based exchange, Coinbase, hampering its progress as a major contender.
Joe DiPasquale, CEO of BitBull Capital, says because of all the to crypto-specific events in the news, including Facebook and Google, cracking down on advertising, and initial coin offering “fatigue”, investors are more cautious and less willing to throw themselves into the market as was previously experienced.
“We believe the macroeconomic factors and regulatory factors and time to market with many crypto products will take the rest of the year to settle out,” DiPasquale said.
And experts warned regulation could be another factor in crypto sell-off.
“There’s a lot of short-term trepidation based on regulatory uncertainty based on the SEC, with what the European Union is doing, and what various Asian regulators are doing,” John Lore, managing partner at Capital Fund Law Group, told CNBC.