The Ripple price (XRP/USD) has seen significant losses on Wednesday, after the wider cryptocurrency market experienced a sudden downturn in late morning.
The third-largest cryptocurrency on the market had a mostly quiet morning session, with its price hovering round the $0.33 level. The situation changed late in the morning session, when the Ripple price plunged sharply, losing nearly 9% in just a couple of hours. At the time of writing, the Ripple price was hovering around the $0.30, according to data from digital currency tracker Coinmarketcap. The coin had closed the Tuesday session at $0.331.
Ripple’s plunge mirrored a larger downtrend observe across the digital currency market. Most major digital coins have been hit by similar declines. The No. 1 cryptocurrency, Bitcoin (BTC) is currently struggling to defend the $7,000 level, despite having been in position to test the $7,400 mark just a few hours ago. Most top 10 digital currencies, including Ethereum (ETH), Litecoin, Bitcoin Cash (BCH) and EOS, are seeing double-digit or near double-digit-percentage losses. Some $15 billion have been wiped off the crypto market’s total value as a result of the slump. The reason for the decline was not immediately clear.
Meanwhile, Ripple’s trading volume has seen a significant increase, reflecting the increased selling pressure. According to recent market data, some $286 million worth of XRP tokens have changed hands over the past 24 hours. The Singapore-based crypto exchange Huobi remains the most popular destination for Ripple trading. The platform has captured 13.9% of the coin’s 24-hour volume.
In today’s trading, the Ripple price stood at $0.306, as of 13:43 BST. The digital coin has lost 9.2% in the past 24 hours, Coinmarketcap data shows. The coin’s market cap currently stands at $12.1 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.