The cryptocurrency market is known to be incredibly volatile. And in recent weeks, a number of factors have caused the cryptocurrency to staggering lows. XRP is one of many cryptocurrencies, including Bitcoin, which has seen a drop in value today.
Has XRP dropped today?
According to CoinDesk data, the price of XRP has dropped -27.30 percent in 24 hours.
As of Wednesday afternoon, XRP was priced at $1.18 or £0.831875, according to the site.
The cryptocurrency also had a market cap of $117.74 billion.
The drop in cryptocurrencies in recent days could also be attributed to tweets from Tesla CEO and SpaceX founder Elon Musk this month, which have significantly impacted the cryptocurrency market.
Elon Musk said in a tweet earlier this month: “Tesla has suspended vehicle purchasing using Bitcoin.
“We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.
“Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a great cost to the environment.
Ulrik Lykke, executive director at crypto hedge fund ARK36, told Reuters: “The crypto markets are currently processing a cascade of news that fuel the bear case for price development.
“News like this can get a lot of traction and easily stir market sentiment but they often prove of little significance in the long term.”
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