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XRP, the third largest cryptocurrency in the world by market capitalization, fell to the lowest price of 2018 Tuesday
at 00:01 UTC, just after the closing on Monday, the cryptocurrency fell at $ 0.27 cents for the first time since December 12, 2017, based on CoinDesk pricing data. The XRP was seen for the last time trading at $ 0.2705 marking a decline of 2.95% from the opening day.
At the time of printing, XRP is one of the biggest losers in the top 10 cryptocurrency by market capitalization and reports a 7-day loss of 36%, according to CoinMarketCap data. Its individual market capitalization declined by over $ 5.4 billion during that period.
Ripple has now effectively erased most of the gains seen during last year's bull run and is down 92 percent from its record high of $ 3.75. According to CoinDesk pricing data, XRP was trading at 0.16 dollars cents exactly one year ago, leaving some to speculate a further price drop.
The cryptocurrency is one of the many networks to see the values declining during the Monday session. The well-known criptos, including ether, bitcoin cash and Cardano, all suffered losses of 24 hours above 7-12%.
The total market capitalization of all cryptocurrencies has dropped nearly $ 14 billion compared to $ 214.4 billion of its yesterday and is currently at just over $ 200 billion, shows CoinMarketCap data.
Disclosure : The author holds USDT at the time of writing.
Image via Shutterstock
The leader in blockchain news, CoinDesk is a source of information that fights for the highest journalistic standards and adheres to a strict set of editorial policies. CoinDesk is an independent operating subsidiary of the Digital Currency Group, which invests in criptovalute and blockchain startups.
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