The price of XRP, the third largest cryptocurrency in the world by market capitalization, fell on Wednesday to a new low of 2018.
Bitfinex data show that cryptocurrency fell to $ 0, 35 – seven cents from the previous annual minimum of $ 0.42 in July. In fact, the current price is at the lowest level since December 12, 2017, days before the XRP climbed to the all-time highs above $ 3 between a run to the cryptography market.
All in all, the XRP now falls by 89.2% over an eight-month period.
Driving the trend is probably not just the broader bear market, but a bad press for Ripple, the startup most often associated with XRP, and that continues to be bombarded by bad news and investors' complaints from decline in the price of the currency.
XRP Daily Chart
At the time of printing, the price of XRP continues its downward trajectory – down 11.76 percent on a 24-hour basis according to CoinMarketCap data is down by 1 percent per hour.
In fact, other important names also flash red. For example, the bitcoin drops by 4.86% in a period of 24 hours after it fell from its support zone $ 7000 Tuesday
Litecoin Daily Chart
Litecoin has also fallen to its lowest point this year, down 8.78% from its previous annual low of $ 72.65, making it one of the biggest losers of the day.
Other names like ethereum and eos are down 6.89% and 7.96% respectively and are showing no signs of a short-term uptrend.
In the meantime, the total market capitalization of all cryptocurrencies has fallen below $ 250 billion – an amount that traders were looking forward to in the hope of remaining bullish.
The author holds USDT at the time of writing
Image via Shutterstock; Charts through TradingView