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Monero price (XMR/USD) drops below $60 amid widespread crypto-decline

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The Monero price (XMR/USD) has seen significant losses on Friday amid a steep correction observed across the wider digital currency market.

The privacy-focused coin was one of the biggest gainers during the market-wide cryptocurrency rally that dominated the Wednesday session. The coin managed to return above the $60 mark and seemingly managed to build a stable position above that level. However, the situation changed in yesterday’s afternoon session, as the coin suffered a steep drop after it had risen to an intraday high of $64.75. Monero finished the day $61.20, posting a 4.1% loss on the day.

The decline continued in today’s trading, with the coin falling sharply throughout the morning part of the session. It hit an intraday low of $56.63, before rebounding to slightly higher levels in more recent trading. At the time of writing, the Monero price was hovering around $57.50, according to data from digital currency tracker Coinmarketcap.

In more positive news, French hardware wallet maker Ledger announced yesterday that it had updated its support of Monero for its Nano S product.

As reported by industry website Cointelegraph, the company said that Nano S was already compatible with Monero’s latest GUI 0.13 release.

“We are thrilled to welcome another top-ten cryptocurrency to the Ledger platform with Monero,” Ledger’s chief executive officer Eric Larchevêque said, as quoted by Cointelegraph. “With this addition, Ledger devices now cover 90% of the entire crypto market capitalization,” he added.

Following its most recent slump, Monero has now dropped to 11th place by market capitalization.

In today’s trading, the Monero price stood $57.01, as of 15:28 GMT. The digital coin has lost just over 7% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at just under $1 billion.

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

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