How much has Ripple fallen?
Ripple peaked at $0.83 yesterday (February 5), according to CoinMarketCap.
But XRP’s price slipped again today to $0.58 at 8am, before pushing back up above $0.70 this afternoon.
It comes after a disastrous month for the cryptocurrency in which it has sunk from an all time high of $148.6billion on January 4 to less than $30billion today.
Ripple has shown signs of life over the past few hours, growing from just over $0.60 at 11.45am to $0.70 at the time of writing.
The CoinMarketCap live tracker below shows the Ripple price in real time.
Why is Ripple going down?
Financial experts are blaming the threat of tighter trading regulations for Ripple’s dramatic collapse.
In recent weeks, the South Korean, Indian and Chinese governments have all expressed plans to regulate domestic and/or foreign cryptocurrency trading.
According to Chinese media outlets, officials will use the infamous ‘Great Firewall of China’ to block crypto exchanges in an attempt “to prevent financial risk”.
Meanwhile, Indian authorities warned speculators they could ban cryptocurrency as a “payment system”.
New Delhi’s economic affairs secretary, Subhash Chandra Garg said: “The government will take steps to make it illegal as a payment system. As well as having a regulator in place.
“We hope now within this financial year the committee will finalise its recommendations… certainly, there will be a regulator.”
Ripple, which is currently the third biggest crypto on the planet after bitcoin and Ethereum, is also reeling from news a number of banks are set to ban customers buying up cryptocurrencies with their credit cards.
Lloyds Banking Group, which includes Lloyds Bank, Bank of Scotland, Halifax and MBNA, implemented the ban at the start of this week.
Virgin Money, Bank of America, Citigroup, JP Morgan, Capital One and Discover have also announced plans to do the same.
Customers with still be allowed to purchase cryptocurrencies using debit cards.
In more positive news for XRP, Ripple announced a number of new business partnerships in the past month as the company seeks to cement itself as the cryptocurrency for the establishment.
The crypto company now has deals with MoneyGram, IDT and MercuryFX, which are all testing Ripple’s xRapid service.
Ripple CEO Brad Garlinghouse is confident that XRP’s speed can help it overcome recent woes and gain an advantage over bitcoin.
Speaking to NBC, he said: “The reason why XRP is unique is, it settles in three seconds so I’m not taking risks on kind of volatilities, where bitcoin takes hours.
“We are a thousand times faster than bitcoin and a thousand times cheaper the bitcoin to settle a transaction.”