The world’s third-largest cryptocurrency, Ripple’s XRP has fallen 80 percent from its peak of $3.32, that coin was trading at only $0.66 per token on Monday afternoon, Markets Insider reported.
Ripple (XRP) is a peer-to-peer powered cryptocurrency which was designed to work with the Internet in order to allow a direct, fast and secure way for international payments and transfers. Ripple is basically a system of the real-time gross settlements (RTGS), in other words, it’s a currency exchange and money transfer system, which has lost 18 percent of its value on Monday.
According to CoinMarketCap.com, XRP is currently having a market capitalization of only $27.3 billion. The current market capitalization of XRP is $120 billion less than its highest market value of $147 billion earlier in January. At the time, Ethereum stood behind XRP in terms of value and XRP became the largest cryptocurrency.
All the major cryptocurrencies like bitcoin, ethereum, litecoin, and ripple price fell since the beginning of the new year. The total market cap for the digital currencies has fallen by $245.7 billion, or nearly 43 percent in 2018 so far. The fear of new regulations in Asian markets such as China is a contributing factor.
On Friday, Facebook announced that the social network platform would ban all advertisements for bitcoin, cryptocurrencies, and ICOs (initial coin offerings) that helped to further the selloff. At the very same time, it was reported that the US regulators had subpoenaed to — a company that issues the coin and claims it’s pegged to the dollar — virtual-currency venue Bitfinex and Tether, that also helped to further the selloff and driving down prices.
India’s finance minister Arun Jaitley’s statement makes thing even worse for the market that is already volatile, he said that Indian government “does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto assets in financing illegitimate activities or as part of the payment system.”