The Ripple price (XRP/USD) has fallen to a four-day low amid an ongoing cryptocurrency slump.
The third-largest cryptocurrency has lost more than 13% of its value in the past 24 hours, as news about major banks banning credit card purchases of cryptocurrencies and China intensifying its crackdown on the digital currency sector have put even more pressure on the already troubled market.
The early days of 2018 haven’t been kind to digital currencies, with most major coins having seen significant losses since the start of the year. And it seems that Ripple has suffered the heaviest blows in that period.
According to a report by Coindesk, Ripple was the worst-performing large cap (with market capitalisation exceeding $1 billion) cryptocurrency asset in the month of January. The digital currency started the year at $2.39 and reach an all-time high of $3.84 on January 4, following news that three of the of the top five money transfer companies working on incorporating XRP in their payment flows. The price received another boost around mid-January, when it was announced that MoneyGram had agreed to test the token. However, with uncertainty growing in the face of tougher regulations in South Korea and China, Ripple went into a sharp decline, ending the month with a near-50% loss.
According to Coindesk’s report, the Ripple closed the January 31 session at $1.16, marking a 49.56% loss for the month. It underperformed the Bitcoin offshoots Bitcoin Cash and Bitcoin Gold, which declined in January by 41.29% and 40.02%, respectively.
In today’s trading, the Ripple price stood at $0.728, as of 16:40 GMT. The digital coin has lost 13.4% of its value in the past 24 hours.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.