XRP price hits 11-day low as wider crypto market slumps

The third-largest digital currency, XRP, has seen some rocky trading over the past 24 hours, amid a big downward correction that has affected most crypto assets.

The digital coin spent the better part of yesterday’s session moving on an upward trajectory, gradually advancing toward the $0.50 mark. Having opened the session at $0.468, XRP rose to a four-day high of $0.494 during the early afternoon trading. The coin spent the next few hours hovering around the $0.49 mark, but the situation changed dramatically towards the end of the session, when it saw a big drop that erased all of its earlier progress. This happened around the time when the Bitcoin price plunged from a near 18-month high of over $13,700. XRP closed the session at $0.467 and continued to decline during today’s early trading.

Mirroring the wider crypto downswing, XRP fell to an 11-day low of $0.417 during today’s morning session. The coin attempted to bounce back in subsequent trading, but has found it difficult to secure a stable position above the $0.42 mark. At the time of writing, the XRP price was hovering around the $0.425 mark, according to data from digital currency tracker Coinmarketcap.

Other digital currencies have also been unable to bounce back following the sudden correction. After its price dropped below $12,000 on Thursday morning, Bitcoin has been unable to recapture the level, even though it has seemingly managed to weather the storm in more recent trading. Ether, which rose above the $360 mark yesterday, is now struggling to defend the $310 level. Other major cryptocurrencies like Bitcoin Cash, Litecoin and EOS have all seen double-digit-percentage losses over the past 24 hours.

In today’s trading, the XRP price stood at $0.426, as of 16:12 BST. The digital coin has lost 12.7% of its value in the past 24 hours, Coinmarketcap data shows. Its total market cap currently stands at $18.1 billion.

Featured image: Prov910 /Shutterstock.com

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