Back at $1: Ripple's XRP Retreats Amid Market Sell-off
Ripple's XRP token is taking a beating amid a broad losses across the cryptocurrency markets.
The price of XRP fell to a two-week low of $0.99 today, according to CoinDesk's Ripple Price Index. The XRP/USD exchange has depreciated by 11.86 percent in the last two hours, indicates CoinMarketCap.
As of writing, the world's third-largest cryptocurrency by market capitalization is changing hands at $1.01. XRP was last seen this low on Jan. 17 when prices fell to $0.85.
The recovery that ensued then ran out of steam in the $1.72 neighborhood on Jan. 18. Since then, XRP has been steadily losing altitude, creating lower highs (bearish prices) on the price chart despite big financial firms publicly expressing their interest in the blockchain startup's technology.
That said, XRP is not the only loser today. Except for ethereum's ether token, all top 20 currencies by market capitalization are trading in the red. Bitcoin has dropped by 8.69 percent in the last 24 hours. Cardano and Stellar are down 14 percent, while bitcoin cash has depreciated by 10 percent.
The price chart suggests that XRP could extend the decline to 0.8647 levels.