Below $0.50: XRP Prices Fall to New 2018 Lows

Sam Ouimet
Jun 29, 2018 at 20:25 UTC
Updated Jun 29, 2018 at 20:31 UTC
markets

The price of XRP slid below $0.43 on Friday, hitting a new low for 2018.

The world’s third-largest cryptocurrency by market capitalization fell to $0.424 at 13:00 UTC, surpassing the prior low of $0.438 seen just five days ago on the Bitfinex exchange. XRP has not recorded a daily close below $0.42 since December 12th, 2017.

As of press time, the figure has risen above the low, back to averaging a price of $0.43. Current prices reflect a 24-hour drop of 3.5 percent and a 14 percent decline week-to-week.

XRP bpi

.

Market bears will look to strengthen their grip if the current level of $0.43 cannot hold as XRP is not accompanied by any neighboring technical support. The strongest layer of support may not be seen until $0.19.

XRP is not the lone cryptocurrency to set an annual low today, however, as it is joined by the likes of OmiseGo (OMG), neo (NEO), litecoin (LTC), and zcash. The largest cryptocurrency, bitcoin (BTC), came just $14 shy of breaking its annual low of $5,786 earlier this morning, CoinDesk data further indicates.

Consequently, the broader market is taking a beating. The total cryptocurrency market capitalization has hit $232 billion – its lowest mark since November of 2017 and a 72 percent depreciation from all-time high just under $830 billion, according to CoinMarketCap.

Image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.


This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.