The Ripple price (XRP/USD) has sunk to its lowest level in nearly two weeks, after losing more than 20% in the past 24 hours.
The cryptocurrency had to endure a rocky Tuesday session, in which its price declined to $2.10, from a Monday close of $2.46. The decline has continued in today’s morning session, with the digital coin dropping below $2 for the first time since December 31.
According to data from cryptocurrency tracker Coinmarketcap, the Ripple price is currently hovering around $1.70, which is its lowest level since December 29.
In the past couple of weeks, Ripple’s enjoyed an impressive run, which resulted in the cryptocurrency reaching an all-time high of $3.84 last Thursday. Also on that day, however, Coinbase issued a statement, denying rumours that it plans to list Ripple on its flagship trading platform GDAX. This appears to have thwarted the coin’s momentum, as it has been in decline ever since the release of the statement.
Some industry observers have suggested that Ripple’srecent record-breaking run could be a sign of a bubble. Others have pointed out that that the growing number of companies using Ripple’s distributed ledger technology hasn’t so far translated into support for the XRP token itself.
In an attempt to address these concerns, Ripple tweeted on Thrsday that “3 of the top 5 global money transfer companies plan to use XRP in payment flows in 2018”.
In today’s trading, the Ripple price stood at $1.81, as of 09:14 GMT. The digital coin has lost 25% of its value in the past 24 hours, according to Coinmarketcap.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.