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Ripple (XRP) In A Free Fall, Plunges 17% To Slip Below $2
Business NDTV Profit Team
Ripple's market capitalization plunged significantly from $120 billion to around $78 billion in six days, a fall of 35% on the Coinmarketcap
Updated : January 10, 2018 16:00 IST
Ripple (XRP) In A Free Fall, Plunges 17% To Slip Below $2
Ripple (XRP) prices fell 18% on Wednesday
Story Highlights
The ripple (XRP) fell 18% on Wednesday to trade at $1.98
Ripple's market cap fell to $78 Billion
Ripple price has seen some wild swings in past few days
One of the most popular cryptocurrencies after bitcoin (BTC) and ethereum (ETH), the ripple (XRP) fell 17% on Wednesday to trade at $1.97 (4.00 pm), data on Coinmarketcap show. After having jumped to an all-time high of $3.84, ripple price loses nearly 47% in a mere 6 days time. The market capitalization also plunged lost significantly from $120 billion to around $78 billion, a fall of 35% on the Coinmarketcap, a virtual platform that displays average prices of cryptocurrencies that are traded in the major exchanges worldwide.
Just as bitcoin, the ripple has had some volatility in the past one month. Until December 20, the ripple stayed below $1 per coin. The market cap was hovering around $30 billion then. On December 21, however, the price hit for the first time beyond $1 when it touched $1.24 before closing at $1.19.
It had taken only 8 days to hit the threshold of $2 when the ripple crossed past $2.27 on December 29. The beginning of 2018 seemed good for the alternative currency when its price hit $3.28 on January 3, taking the market cap to $95 billion. The very next day, the ripple hit $120 Billion, surging past the market cap of ethereum. Until January 8, the price stayed near $3 but fell in the closing hours when Coinmarket cap removed some South Korean exchanges for "extreme price divergences".
Ripple is a Real Time Gross Settlement (RTGS) system, currency exchange and remittance network. It is based around a shared public database or ledger, which uses a consensus process that allows for payments, exchanges and remittance in a distributed process.