The 50% drop of Ripple’s XRP token from its record highs may have emboldened the bears, but further downside may be limited.
As per data source OnChainFX, Ripple’s XRP has depreciated by 16.85% in the last 24 hours. As of writing, XRP is trading at $1.88 levels.
Part of the reason for the price drop from $3.36 to $2.07 can be attributed to data provider CoinMarketCap’s unexpected decision to exclude three Korean exchanges, causing its global average to suddenly drop.
The resulting selloff came to a stop after the change in average calculation methodology was made known to the public, allowing for a partial recovery in the XRP price to $2.46.
However, the relief was short-lived. XRP faltered below $2.00 and hit a 12-day low of $1.71 today.
The decline in prices over the last 48 hours stresses the bearish undertone across the wider crypto markets.
Stellar lumens has dropped by 15 percent over a 24 hour period; NEM and cardano are down 13 percent and 15 percent, respectively; while TRON has lost a hefty 24 percent in value.
Bitcoin meanwhile is exchanging at $13,958.80 as of this writing.
Fighting the trend, the top performer is ether (ETH), which hit a new all-time high of $1,417 today. ETH has gained around 11 percent over 24 hours.
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