The Ripple price (XRP/USD) has sunk to a fresh 2018 low amid another big cryptocurrency sell-off.
The third-largest digital currency on the market had a disappointing performance on Thursday, with its price gradually falling throughout the session. The coin seemed to have stabilised around $0.46 in the afternoon, but it saw further losses toward the end of the session, with its price dropping below the June 24 low of $0.450. Ripple eventually finished the session at $0.448, down from its opening level of $0.470.
Ripple has continued to decline in today’s trading, plunging below the $0.44 mark. In recent trading, the coin hit $0.430, which is its lowest price level since the December 13 session – the last time the coin traded below the $0.40 level. At the time of writing, the Ripple price was hovering just above $0.43, according to data from cryptocurrency tracker Coinmarketcap.
Ripple’s performance reflects a larger downtrend observed across the digital currency market. Most crypto coins, including all the major players like Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH), have suffered heavy losses over the past 24 hours. Yesterday, the No.1 cryptocurrency posted its lowest close in eight months and is currently trading around $5,910. Meanwhile, the second-largest digital coin, Ethereum, is facing the possibility of falling below the $400 mark for the first time since April 10.
Ripple has seen a modest increase in terms of trading volume, which is probably due to increased selling pressure. Recent market data shows that just over $253 million worth of XRP tokens have changed hands over the past 24 hours. Japanese crypto exchange Bitbank has reclaimed its position as the most popular destination for Ripple trading by capturing 16.7% of that volume.
In today’s trading, the Ripple price stood at $0.431, as of 13:32 BST. The digital coin has lost nearly 6% of its value in the past 24 hours.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.