The coin known as XRP or Ripple has managed to drop by a significant amount over the course of the last week of January. As one of the top coins in the cryptocurrency world by market capitalization, it says something about the overall crypto market rather than just the individual coin. The coin fell to as low as $1.18, which is a drop of around 30% from where the coin was around $1.70. This price is also around 70% lower than the all-time high that the coin has hit. The coin was able to recover by a slight amount, trading at around $1.25.
Ripple announced some new partnerships on Wednesday, January 24th which was expected to drive up prices by a certain amount. The coin did not respond to this new news however, which shows that a price uptick did not occur in the market. CEO of Noble Alternative Investments, Charles Thorngren, stated that this is a “tell tale sign of sentimental trading. Any other coin would have surged on the news of partnerships. XRP is making international payments and foreign transactions easy and at a discount on its XRapid platform.” The managing director of Amulet, crypto-to-crypto derivatives platform that focuses on customer success and usability, stated that “investors were accumulating at the lower levels in anticipation of another run.
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There are still a lot of quasi believers in XRP and this price fluctuation is a prime example of that.” Given that the entirety of the cryptocurrency market is still in a relative infant phase, many of these coins are only now finding out how to respond to the larger market. The hopes are high that coins like Ripple can continue to change the market on cryptocurrency.