ETH and XRP Both Hit by Losses as Crypto Markets See Widespread Red
Monday, September 24: Both Ripple (XRP) and Ethereum (ETH) have taken hefty price hits today as the wider crypto markets see deep red, as data from Coin360 shows.
Market visualization by Coin360
While Ethereum has now reclaimed its long-standing spot as second-largest coin by market cap on CoinMarketCap — which it briefly ceded to a skyrocketing Ripple on September 21 — Ethereum has today seen around a 5 percent loss on the day to trade at $234 to press time.
Following its intraweek high of around $250 on September 22, the altcoin has seen depressed growth to jaggedly trade sideways between $240-245, before taking a further dip in the hours before press time.
Ethereum’s total market cap is today close to $24 billion, still just ahead of Ripple, which has a total market cap of about $21 billion as of press time.
On the week, Ethereum’s gains remain up by over 6 percent; monthly losses are around 15 percent.
Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index
Ripple (XRP) has had a record-breaking week, with its unprecedented eclipse of Ethereum on September 21 to seal a new ranking on CoinMarketCap as second-largest crypto in the entire market. The asset’s market cap had hit around $23 billion.
Nonetheless, Ripple’s gains have since tapered off somewhat. The asset is today down around 10 percent over a 24 hour period, and is trading around $0.52 at press time.
Possible reasons behind Ripple’s eye-popping growth include the Sept. 19 announcement that U.S. bank PNC will begin using Ripple’s xCurrent software solution to expedite cross-border transactions for the bank’s U.S. commercial clients.
Last week notably also saw hints that Ripple is likely to launch a commercial application of its xRapid liquidity solution for banks "in the next month or so."
On the week, Ripple is up 87 percent, bringing its monthly gains to around 61.5 percent.
Ripple 7-day price chart. Source: Cointelegraph Ripple Price Index
Bitcoin (BTC) has seen less growth this week as well as milder losses today. The top crypto is down around 2 percent to trade around $6,613 as of press time.
Bitcoin’s relative stability is shown on both its weekly and monthly charts: on the week, the asset is up 1.7 percent, and is around 1 percent in the green on the month.
Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index
Among the top ten coins listed on CoinMarketCap, Stellar (XLM) has been hit with the most severe losses on the day, down 9.7 percent to trade at $0.26 at press time. Cardano (ADA), is also down a weighty 8 percent and is trading around $0.084.
All of the other top twenty coins are in the red, with IOTA (MIOTA) down 10 percent to trade at $0.56. Tron (TRX) is down 7 percent at around $0.022. Dogecoin (DOGE), down less than 1 percent on the day, is the most resilient alt among all the top twenty largest cryptos.
Total market capitalization is around $219 billion as of press time, down around $10 billion from its intraweek high of close to $229 billion.
24 hour chart of the total market capitalization of all cryptocurrencies from CoinMarketCap