The Ripple price (XRP/USD) has seen significant losses after hitting a seven-week high above $0.95 in late Tuesday trading.
The third-largest cryptocurrency enjoyed a strong Tuesday session, with its price rising as much as 10.1% to an intraday high of $0.965. Reaching that level, however, marked the end of the Ripple price rally, as the cryptocurrency quickly fell to a close of $0.934.
The rapid decline continued in today’s session, resulting in the Ripple price briefly dropping below $0.80 in recent trading. At the time of writing, the price was hovering around the $0.81 area, according to data from cryptocurrency tracker Coinmarketcap.
Ripple’s slump seems to be in line with a downtrend that has been observed across the wider cryptocurrency market. Most major digital coins have suffered heavy losses since the start of today’s trading. After notching up a seven week high above $9,700, the original cryptocurrency, Bitcoin (BTC), has seen experienced a sharp decline and is currently trading around $9,150. Major altcoins, such as Bitcoin Cash (BCH), Cardano (ADA), Stellar (XLM) and IOTA (MIOTA) are posting double-digit percentage losses over the most recent 24-hour period. Even EOS, the only top 10 coin posting gains over the 24 hours, has struggled since the start of the session, with its price falling to around $14, from a Tuesday close of $15.31. This market-wide pullback may suggest that the sector is experiencing a sharp price correction, with investors possibly cashing in on the strong gains seen yesterday.
In today’s trading, the Ripple price stood at $0.818, as of 12:43 BST. The digital coin has lost 11.2% of its value in the past 24 hours, Coinmarketcap data show. The cryptocurrency’s market capitalisation currently stands at just over $32 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.