coincentral-main-menu-search-eyeglass
Hamburger X.

XRP Is Getting Pummeled, down More Than 90% from All-Time High

xrp plummet

Altcoin-megeddon is upon us, and perhaps no other coin is feeling its wrath more than Ripple’s XRP.

At current prices, XRP is down 93% from its Jan 4th all-time high of $3.73. At that price, Ripple Founder Chris Larsen was worth $55 bln, tying Mark Zuckerberg as the fifth richest man in the world.

It’s officially time to pour one out for the late 2017 purchasers of the token.

At times like these, it’s important to put things in perspective. On Jan 4th, 2017, the price of one XRP was $0.006, or 6/10 of a penny. Quick math – at today’s prices, you are still looking at a 4233% gain. For 18 months, those gains are nothing to sneeze at.

Now for more bad news. This time last year, XRP was $.17. In the coming weeks, It’s entirely possible we see those prices once more. So, strap in – we may be in for a bumpy ride.

XRP is only one of a large group of prominent cryptocurrencies feeling the burn from the altcoin price drops. Those with more than 9% losses in the last 24-hours include Ethereum, Bitcoin Cash, Monero, EOS, Tron, Cardano, IOTA, NEO, and ZCash.

Surprisingly resilient throughout this massacre is Bitcoin, down only 2.4% in the last 24-hours. BTC dominance over the crypto markets is currently at ~55%, the highest level since December 18, 2017.

What is the root cause of the altcoin price slump? It’s usually a fallacy to pinpoint one specific reason. However, a logical hypothesis stems from ICO’s converting their ETH into fiat to fund development and growth. Over the past year, the majority of token sales were conducted on the Ethereum blockchain, and therefore funds were raised in ETH. This activity has caused ETH to hit 11-month lows, likely injecting panic into the entire cryptocurrency market.

Total market capitalization for cryptocurrencies now sits at around $193 Billion, the lowest level since the beginning of November 2017.

NEWSLETTER

Newsletter (Sidebar)

  • This field is for validation purposes and should be left unchanged.

RELATED ARTICLES

BTC casino

How Online Bitcoin Casinos Are Raising the Bar in Developing Software Algorithms

Online gambling has long been an industry with a number of challenges and opportunities for both casino…

Read More
Bitcoin taxes

Understanding Cryptocurrency Taxes: How to Calculate Your Bitcoin Taxes 101

You made big money trading Bitcoin but you don't know how to calculate your...

Read More
celsius network review

What is Celsius Network | Cryptocurrency Interest Accounts and Lending Review

Wondering if Celsius Network is a legitimate way to earn passive income on your...

Read More

NEXT ARTICLE

Getting Started Gold Bars.

NEXT ARTICLE

What is Tether? Is the USDT Stablecoin Legit?

Tether is a cryptocurrency pegged to traditional fiat currencies and backed 1:1 by reserves of these traditional currencies held in accounts by Tether.

ABOUT THE AUTHOR

Getting Started Gold Bars.

ABOUT THE AUTHOR

Richard is a blockchain investor who loves health/wellness, backpacking, social entrepreneurship, and DC sports.

He is the in-house skeptic of many altcoins but is very bullish on blockchain and Bitcoin.