The third most valuable digital currency has the potential to overtake its larger rivals, some crypto experts say
The Ripple price (XRP/USD) has seen significant losses in the past 24 hours, as a wave of negative news has rattled the wider cryptocurrency market.
The third-largest cryptocurrency on the market fell to a near four-week low of $0.824, due to a sharp decline that followed reports that regulators in the US and Japan are stepping up their efforts to rein in digital currency trading. While the coin managed to recover some of its losses, it ended the session at $0.871, which was its lowest close since February 8.
Ripple has been unable to continue its recovery in today’s session, especially after yesterday’s media reports about Japan received an official confirmation. Earlier today, Japan’s Financial Services Agency announced that it had issued temporary suspension orders to two local crypto exchanges and business improvement notices to another five, including Coincheck, the platform that lost more than $500 million worth of NEM tokens in a hack in late January.
Despite Ripple’s recent troubles, some experts believe that the cryptocurrency has the potential to overtake Bitcoin as the largest digital coin.
“Ripple just might be the catalyst in making cryptocurrency more mainstream,” Craig Cole of CryptoMaps told Forbes in a recent interview. “Its faster transaction speeds and lower fees make it easier for financial systems to embrace the virtual currency, which is partly why Ripple's value has increased dramatically just this year.”
Others remain sceptical. According to Shidan Gouran, president of Global Block Chain Technologies, “Ripple is unlikely to go up by one or two notches in the cryptocurrency world in 2018”.
In today’s trading, the Ripple price stood at $0.863, as of 15:55 GMT. The cryptocurrency has lost 3.7% of its value in the past 24 hours.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.