With 24-hour losses ranging from 7% to 15%, none of the cryptocurrency markets look particularly good right now. The XRP price is a clear example of how bad things are becoming in the markets right now. We have seen the XRP price decline by as much as 10.06% over the past 24 hours, pushing the value back down to US$1.13.
XRP Price is on the Decline Again
Every cryptocurrency or digital asset market is currently suffering from a massive amount of bearish pressure. Beyond Bitcoin and Ethereum, every currency in the top 10 has suffered massive losses over the past 24 hours. XRP is no exception in this regard, as the recent 10.06% price decline has pushed its value back down to US$1.13. This isn’t entirely surprising, as the year 2018 has been off to a bad start for all virtual assets.
With the XRP price taking another big hit, it is evident things are not looking all that great. Until this bearish momentum lifts, all cryptocurrencies will continue to suffer. Just three days ago, it seemed as if the total cryptocurrency market capitalization was headed back to US$600 billion. At the time of writing, we were looking at a market cap of US$508 billion, and that number may continue to decline for quite some time to come.
It is also worth mentioning that the XRP price has declined by 2.25% against Bitcoin itself during the past 24 hours. In fact, this loss is a lot smaller than what most people would expect, even though it does show that Bitcoin is dragging everything down once again. With the value of Bitcoin tanking, we’ve seen the XRP price decline against both USD and BTC, which is always somewhat worrisome. Again, this applies to all other cryptocurrencies and digital assets in the marketplace right now. It will be interesting to see how low the XRP price will go in the coming hours.
There is one silver lining in this current market onslaught, though. More specifically, the overall cryptocurrency trading volume is on the rise once again, and the XRP trading volume is no exception. With US$1.585 billion in 24-hour volume, it is evident there is a lot of negative pressure on the market. The XRP price even dipped to US$1.04 at one point, though that was quickly followed by a push to US$1.19. Expect a lot of volatility due to this increasing trading volume, though.
Most of the XRP trading volume comes from the Bithumb and Upbit exchanges as of right now. Both platforms combined for over 46% of all trades in the past 24 hours, indicating the rest of the world is not necessarily interested in either buying or selling Ripple’s native asset. The first non-Korean exchange on the list is Bitfinex, which generated US$109.841 million in the past 24 hours. With five fiat currency-related trading pairs in the top five for XRP, things are not looking half bad.
For the time being, we will have to wait and see what the future will bring for the XRP price. So far, things are not looking all that impressive, but this situation could turn around rather quickly. It is evident all markets will continue to suffer from the current negative pressure for quite some time to come. Bitcoin is still undergoing a massive correction as we speak, but it remains to be seen how low its value can go. More specifically, there’s a good chance it will hit US$9,000 in the coming weeks. At some point, prices will go up again, but for now, the situation remains an uneasy one.