Cryptocurrency
Cryptocurrency
XRP plunges to 20-month low in Wednesday afternoon trading
The XRP price (XRP/USD) has hit its lowest level in 20 months following a sudden plunge that occurred in yesterday’s late trading.
The digital coin suffered a massive sell-off that sent its price to as low as $0.252 on Wednesday afternoon. The plunge essentially erased all gains XRP had managed to retain from its massive bull run in late 2017 and early 2018, which ended in the coin hitting an all-time high of $3.84 on January 4, 2018. The last time the coin traded below $0.252 was on December 12, 2017, according to data from digital currency tracker Coinmarketcap.
Thanks to a late Wednesday uptick, XRP was able to retake the $0.26 level and eventually closed the session at $0.263. Still, this was the coin’s lowest close in 11 months and was well below its opening level of $0.296.
XRP has continued to struggle in today’s trading session, especially in the early morning, when its price fell to as low as $0.256. The digital coin has managed to pick up in more recent trading and is currently hovering around $0.26.
The price plunge has also coincided with a big increase in trading volume. XRP’s daily trading volume reached $1.79 billion on Wednesday, more than doubling the $853 million generated during the preceding session. The most recent market data suggests that the market activity has been even stronger today, which possibly reflects XRP’s struggles to remain above $0.26. According to the data, some $2.14 billion worth of XRP tokens have changed hands over the past 24 hours.
In today’s trading, the XRP price stood at $0.262, as of 14:53 BST. The coin has lost 10% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $11.27 billion, which makes XRP the third-largest digital currency on the market.
Featured image: Stanslavs / Shutterstock.com
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