Ripple (XRP), much like the rest of the cryptocurrency market, is sinking today. In the past 24 hours, its price has lost 27% of its value. It’s a far cry from where the Ripple coin price was trading a couple weeks ago. In the first week of January, XRP reached its peak price of $3.84 apiece. Since then, its value has declined by a staggering 72.49% – according to onchainfx.com.
The Ripple Coin Price Journey is Headed South
This cryptocurrency was trading at about $0.75 one month ago. That means that it has reversed almost all of its gains since peaking a couple weeks prior to today.
What happened to the Ripple coin price surge that looked like it was headed to the moon? After all, XRP was supposed to be the looming threat to take down the dominance of Bitcoin (BTC). It even knocked Ethereum (ETH) into third place (by market value) for a brief moment there.
Ripple (XRP) is much faster and cheaper than both BTC and ETH. It offers a lot of advantages over the two most valuable coins on the market on a number of levels. On top of that, this coin was supposed to be the one that the banking sector was taking seriously:
— Ripple (@Ripple) January 16, 2018
At least Bitcoin (BTC) and Ethereum (ETH) are both trading down today too, 16% lower and 22% lower, respectively. As a top-ranked cryptocurrency, and one of the coins with the most media attention right now, of course the Ripple coin price trajectory would take a hit and decline with the rest of the market.
We just want to know when the price drop will rebound.
What About the Ripple (XRP) Trading Data – What is that Saying?
Trading volume is surging today, compared to the Ripple coin average over the past week. In the past seven days, Ripple (XRP) volumes have ranged between $178,452,052 and $1,018,947,968. But, according to CoinCheckup.com, its volume over the last 24 hours has been $5,410,600,000.
Also on CoinCheckup.com is the Ripple total coin analysis score, which is currently just 75.1%. Compare that to Cardano (ADA), which has a 92.35% total coin analysis score. Bitcoin (BTC) has an 89.1% and Litecoin (LTC) has a 71.95%.
Breaking down the Ripple coin score, there are a number of individual categories that make up a coin’s overall strength. This is how XRP stacks up:
- Activity on Social Media: 95%
- Team Strength: 61%
- Advisory Board Strength: 75%
- Product Strength: 82%
- Business/Company Strength: 60%
CoinCheckup uses a pretty straightforward points-based system to come up with these scores. You can check out how XRP’s math worked out here.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.