The Ripple price (XRP/USD) has taken a significant hit, dropping below the $0.60 mark for the first time this month.
The third-largest cryptocurrency on the market opened yesterday’s session at $0.659, which turned out to be its highest price for the day. The digital coin had a lacklustre trading session, with its price falling to around $0.625. The decline accelerated further in the afternoon, with Ripple breaking below the $0.60 mark for the first time since May 31. The coin fell to a near two-week low of $0.561, before rebounding in late Sunday trading to finish the day at $0.588.
While Ripple has continued to struggle in today’s trading, it has managed to keep the decline in check. The coin dropped to an intraday low of $0.571 earlier in the session, but it has since recovered some of the losses. At the time of writing, the Ripple price was hovering around $0.58, according to data from cryptocurrency tracker Coinmarketcap.
Ripple’s recent losses are part of a larger downtrend, affecting the entire cryptocurrency market. All of Ripple’s major rivals, including Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH) have seen steep declines over the past 24 hours. EOS, Cardano (ADA) and TRON (TRX) have been the worst-performing top 10 digital coins, with all three of them having seen double-digit percentage losses over that period.
The market decline has seemingly been triggered by recent news that a relatively small crypto exchange in South Korea has been hacked. Coinrail, as the platform is called, announced over the weekend that lesser-known digital coins such as Pundi X were among the affected by the hack.
In today’s trading, the Ripple price stood at $0.580, as of 14:25 BST. The digital currency has lost 7.1% of its value in the past 24 hours.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.