The price of XRP fell off a cliff, a sudden reversal from its huge rise.
The price of XRP, the third largest cryptocurrency in market value, fell today by 18.64%, according to data from CoinMarketCap.
After reaching daily highs of $ 0.71, the price of XRP has dropped dramatically to $ 0.59. The current price of XRP is $ 0.62 and its market capitalization is $ 28 billion.
However, the decline follows a major market recovery; XRP still increased 112% last week. The XRP started to rise last Friday. So, its price was only $ 0.31.
XRP is far from the only currency to fail today. Bitcoin, the largest cryptocurrency by market capitalization, fell 1.68% today, to $ 18,832 – in its fall, Bitcoin is further away from its historical record of ~ $ 20,000. Ethereum, the second largest currency by market value, fell 4.58% to $ 580.
Other major currencies also fell: Bitcoin Cash fell 5.74%; Chainlink by 7.8%; Litecoin fell 7.1% and Cardano fell 5.53%.
Coinciding with the decline is the closing of US stock markets. The S&P 500 fell from its historic record and the Dow Jones retreated below 30,000 basis points.
However, all major currencies are up during the week and are outperforming their pre-bull run versions. Bitcoin, which was worth $ 10,500 at the beginning of last month, is still far, far above that, at $ 18,832.