The 50 percent decline of Ripple's XRP token from the record highs may have strengthened the bears, but chart analysis indicates further downside may be limited.
As per data source OnChainFX, the world's third-largest cryptocurrency by market capitalization has depreciated by 16.85 percent in the last 24 hours. As of writing, XRP is trading at $1.88 levels.
Part of the price drop from $3.36 to $2.07 witnessed on Monday can attributed to data provider CoinMarketCap's unannounced decision to exclude three Korean exchanges, causing its global average to suddenly drop. The resulting selloff came to halt after the change in average calculation methodology became public, allowing for a partial recovery in the XRP price to $2.46.
However, the relief was short-lived. XRP fell below $2.00 yesterday and hit a 12-day low of $1.71 today.
The decline in prices over the last 48 hours highlights the bearish undertone across the wider crypto markets.
Stellar lumens has dropped by 15 percent over a 24 hour period; NEM and cardano are down 13 percent and 15 percent, respectively; while TRON has lost a hefty 24 percent in value.
Fighting the trend, the top performer is ether (ETH), which hit a new all-time high of $1,417 today. ETH has gained around 11 percent over 24 hours.
The chart (prices as per Bitstamp) above shows:
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple.
Boxer image via Shutterstock
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Interested in offering your expertise or insights to our reporting? Contact us at email@example.com. Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Cartier Owner Richemont Mulls Plan to Track Diamonds With Blockchain
Richemont, the Swiss luxury goods giant that owns Cartier, is turning to blockchain in a move aimed to bring transparency to its supply chain.
Jin Keyu, a renowned economist and an associate profes
Robinhood's Plan to Win the Crypto Exchange War? Kill Trading Fees
As a new entrant into the cryptocurrency field, Vlad Tenev, co-CEO of online investment brokerage Robinhood, is following a time-honored business strategy: Undercut the competition.
Except he's tak
University Researchers Turn to Blockchain to Preserve Cultural Heritage
A team from China's Tsinghua University has filed a patent application detailing a role for blockchain technology in protecting cultural heritage.
According to a patent filing submitted in April an
CoinList's Fifth ICO Is a $61 Million Bid to Tokenize All the Assets
The website aiming to be the gold-standard for token sellers has been picking up the pace.
Since spinning off from venture capital giant AngelList last October, New York-based CoinList has been abl
US Judge Delays Crypto Fraud Ruling Pending CFTC Response
A federal judge has postponed any decision on a crypto fraud case brought by the Commodity Futures Trading Commission (CFTC) against alleged scammer Patrick McDonnell.
Judge Jack Weinstein of the E
Chinese Tech Firm Probed Over Launch of Crypto-Mining Video Console
Leshi Internet, a Chinese video streaming provider with a history of financial troubles, is being questioned by the Shenzhen Stock Exchange over its subsidiary's move into the crypto space.
Hedge Fund Billionaire Steven Cohen Is Getting into Crypto
Billionaire investor Steven Cohen, once dubbed the "Hedge Fund King," has reportedly entered the crypto space.
According to a Fortune article published July 12, Cohen has invested in cryptocurrency
Major League Baseball Collectibles Are Coming to Ethereum
Major League Baseball (MLB) is turning to blockchain to expand its fanbase.
MLB announced Friday that it has partnered with Lucid Sight, a blockchain startup based in Los Angeles, to launch a dApp