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Ripple price (XRP/USD) hits 2-week low as crypto slump continues

on Jan 31, 2018
Updated: Oct 11, 2019
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The Ripple price (XRP/USD) has fallen to its lowest level in nearly two weeks, as bearish sentiment continues to dominate the wider cryptocurrency market.

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Having experienced some turbulent trading on Tuesday, the third-largest cryptocurrency dropped to $1.04 in the early hours of today’s session. This was its lowest price level since January 17, according to data from Coinmarketcap. The Ripple price is currently hovering around $1.15.

Many of Ripple’s cryptocurrency rivals have also posted significant losses in the past 24 hours. The sell-off was seemingly sparked by worrying news involving one of the largest cryptocurrency exchanges, Bitfinex, and Tether, the company behind the US dollar-pegged token USDT.

Bloomberg reported yesterday that the two companies, which share the same chief executive officer, had been subpoenaed by the US Commodity Futures Trading Commission. The newswire initially said that the CFTC had send the subpoenas last week, but later updated the report, saying that they were sent on December 6.

The news has further stoked the controversy around Tether’s token, which has become a popular substitute for dollars on cryptocurrency exchanges worldwide. About 2.3 billion of Tether tokens are currently in circulation, with the company claiming that all of its coins are backed by US dollars held in reserve. However, so far Tether hasn’t been able to allay the growing concerns that it does not have enough dollar holdings to back all of its tokens. Some critics have argued that the tokens issued by Tether in recent weeks had been used to prop up the price of Bitcoin, especially in times of market weakness.

In today’s trading, the Ripple price stood at $1.12, as of 16:42 GMT. The coin has lost 8.5% of its value in the past 24 hours.

For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.

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