None of the cryptocurrency markets look exceptionally good right now. With losses ranging anywhere from 7% to 15% depending on which market you look at, things are not looking all that great whatsoever. The XRP price is a clear example of how tough things are in the market right now.More specifically, we have seen the XRP price decline by as much as 10.06% over the past 24 hours, pushing the value back down to $1.13.
XRP Price is on the Decline Again
Every cryptocurrency or digital asset is currently suffering from a massive amount of bearish pressure. This is not just affecting Bitcoin and Ethereum, but any currency in the top 10 is currently suffering from massive losses over the past 24 hours. The XRP price is no exception in this regard, as the current 10.06% price decline pushes the value back down to $1.13. This straight decline in USD value is not entirely surprising, as the year 2018 has been off to a bad start for all currencies and digital assets as of right now.
With the XRP price taking another big hit, it is evident things are not looking all that great. Until this bearish momentum lifts, all cryptocurrencies will continue to suffer for quite some time to come. Just three days ago, it seemed as if the total cryptocurrency market cap was heading back to $600bn. At the time of writing, we are looking at a market cap of $508bn, and that number may effectively continue to decline for quite some time to come.
It is also worth mentioning the XRP price has lost 2.25% in value against Bitcoin itself. In fact, this loss is a lot smaller than most people would expect, even though it does show Bitcoin is dragging everything down once again. With the Bitcoin value tanking, we see the XRP price suffering in both USD and BTC value, which is always somewhat worrisome. Again, this applies to all other cryptocurrencies and digital assets on the market as of right now. It will be interesting to see how low the XRP price will go in the coming hours.
There is one shining beacon in this current market onslaught, though. More specifically, the overall cryptocurrency trading volume is on the rise once again, and the XRP trading volume is no exception in this regard either. With $1.585bn in 24-hour trading volume, it is evident there is a lot of negative pressure on the market. The XRP price even dipped to $1.04 at one point, but that was quickly followed by a push to $1.19. Expect a lot of volatility due to this increasing trading volume, though.
Most of the XRP trading volume comes from the Bithumb and Upbit exchanges as of right now. Both platforms combine for over 46% of all trades, indicating the rest of the world is not necessarily interested in either buying or selling Ripple’s native asset. The first non-Korean exchange on the list is Bitfinex, which generates $109.841m in the past 24 hours. With five fiat currency-related trading pairs in the top five for XRP, things are not looking bad whatsoever.
For the time being, we have to wait and see what the future will bring for the XRP price. So far, things are not looking all that impressive, but this situation can always turn around rather quickly. It is evident all markets will continue to suffer from the current negative pressure for quite some to come. Bitcoin is still undergoing a massive correction as we speak, but it remains to be seen how low the value can go in the coming days and weeks. More specifically, there’s a good chance it will hit $9,000 in the coming weeks. At some point, the prices will go up again, but for now, the situation remains an uneasy one.