We have some bad news for anybody who invested in Ripple and hoped that they will eventually become very rich. One of the most popular cryptocurrencies of the moment is going through a difficult period, falling at under $2.00 in this very moment, according to NDTV.
After reaching an all-time high, just a few days ago, trading at $3.84, XRT price lost almost 47% in just 6 days. The overall market capitalization isn’t doing that well either, since it lost a significant amount, now being somewhere under $76 billion. Imagine that fact that just a few days ago it was somewhere around $120 billion!
Volatility at its finest
Just like the main cryptocurrency on the market, Bitcoin, Ripple dealt with some serious volatility over the past month.
If by the end of December it was trading for less than $1 per coin and the market cap was hovering around $30 billion, everything started to change on December 21, when the price jumped above $1 for the first time, reaching $1.24, before an eventual close at $1.19.
Ripple needed just 8 days to hit another record, of $2, but its value kept growing until the end of the year.
2018 also started very good for the alternative currency, which continued its growth, reaching $3.28 on January 3 and taking the market cap to $95 billion. But it didn’t stop, going all the way to $120 billion, surpassing Ethereum and becoming the second most valuable coin on the market.
It all started in South Korea
After Coinmarketcap removed South Korean exchanges, due to “extreme price divergences”, Ripple’s downfall began.
Experts claim that this is just a phase, as it can easily go up again, reaching even $5 in the near future, but considering yesterday’s fluctuations, this is very hard to believe.
On the other side, financial transactions company Western Union announced that they’re planning to allow XRT transactions soon. Usually, such announcements have a big impact on the price of a cryptocurrency. It remains to be seen if the same thing will happen in Ripple’s case.