XRP, the world’s third-largest cryptocurrency by market capitalization, fell to its lowest price of 2018 on Tuesday.
At 00:01 UTC, just after Monday’s close, the cryptocurrency dropped to $0.27 cents for the first time since December 12, 2017, according to CoinDesk price data. XRP was last seen trading at $0.2705, marking roughly a 2.95 percent decline since the day’s open.
At press time, XRP is one of the biggest losers among the top 10 cryptocurrencies by market capitalization and is reporting a 7-day loss of 36 percent, according to data from CoinMarketCap. Its individual market capitalization also fell by more than $5.4 billion within that period.
Ripple has now effectively erased most of the gains seen during last year’s bull run and is down 92 percent from its all-time high of $3.75. According to CoinDesk price data, XRP was trading at $0.16 cents exactly one year ago, leaving some to speculate a further drop in price.
The cryptocurrency is one of a number of networks to see declining values during the Monday session. Well-known cryptos including ether, bitcoin cash and Cardano have all seen 24-hour losses in excess of 7-12 percent.
The total market capitalization of all cryptocurrencies is down nearly $14 billion from its yesterday’s top of $214.4 billion and is currently sitting just above $200 billion, CoinMarketCap data shows.
Disclosure: The author holds USDT at the time of writing.