By
Chimamanda U. Martha
April 18th, 2024
Despite showing some good results this year, the 3rd largest cryptocurrency by market cap has recently dropped down to its lowest price of 2018.
Though the crypto market seems to be slightly recovering after the consequences of the bearish trend, it looks like XRP is still under the influence of a bear market.
According to the data provided by CoinMarketCap, XRP is traded at the lowest price the coin has shown this year, making at the press time $0.269. This cryptocurrency has dropped for such a level for the first time since December 2017.
Over the last 24-hour period, XRP has lost approximately 14% of its value, while over the period of last 7 days, the coin has declined by more than 36%. During the same period, its individual market capitalization has also been fallen by more than $5.4 billion.
All these indicators show that XRP has become one of the largest losers in the list of the top 10 cryptocurrencies by market capitalization. Though during last year XRP has gained a lot, now it has lost 92% of its price if compared with its historical high of $3.75.
The XRP’s lowest price observed makes $0.16. Given that the coin was traded at this level exactly a year ago, could mean that we still can expect some further losses.
Nevertheless, we should mention that this crypto is not the only one that is experiencing declining trends at the moment. Some other popular cryptocurrencies, including Bitcoin Cash, Ethereum and Cardano have shown significant losses as well: from 7 to 17%.
The total market capitalization of all the cryptos has also declined having lost approximately $19 billion. If yesterday’s high was nearly $214 billion, now it is less than $195 billion, as it is informed by CoinMarketCap.
Though the situation with XRP may seem rather disappointing for investors, there is good news for the Ripple Community. Currently, XRP can be used for payments on more than 200 000 e-stores. This impressive number includes such giants as Amazon, Walmart, Visa and Nike.
Moreover, more and more platforms are beginning to accept this crypto. For example, Bitcoin Superstore platform has recently announced that its users may use XRP as a payment method.
This year Ripple Labs has created a lot of hype due to an endless number of lawsuits filed against them. There have been lawsuits for XRP tokens, which status remains unclear for some people, as some still insist that XRP should be considered as securities.
Nevertheless, the US District Court of the Northern District of California has taken a decision to reject the application for a lawsuit filed by an XRP investor who lost $551.89 while trading Ripple tokens. Though the investor argued that XRP products couldn’t be considered to be completely decentralized and accused the company of violating the federal securities laws, the court took a decision in favor of Ripple.