Ripple XRP dropped 5.5% on Tuesday from its opening price of $1.09 (at 00:00 UTC) to $1.03 by the end of the day – all other major cryptocurrencies also suffered losses.
Ripple XRP currently has a market capitalization of approximately $40.34 billion – about $2 billion lower than on Monday, according to data from Coindesk.
Ripple’s market cap is still much lower than its all-time high at the beginning of the year of 145.5 billion – when it briefly overtook Ethereum as the second largest digital currency by market cap. At the time, XRP was trading at around $3.80.
The cryptocurrency then dipped to a 2018 low of around $0.63 last week.
Ripple XRP has since recovered from last week’s low prices amid announcements of new major partners that will join RippleNet (the San Francisco-based company’s decentralized global network of banks and payment providers).
Market sentiment improved as new companies announced partnerships with Ripple
A new deal between Ripple and UAE Exchange was struck to speed up cross-border exchanges and LianLian, one of China’s largest money service companies, announced it will join RippleNet and use Ripple’s settle solution xCurrent to power cross-border transactions between China, Europe and the US.
Video – Cryptocurrency
Ripple is classed as a cryptocurrency, a type of currency that exists purely in electronic form, i.e., digital money. The best known digital currency in circulation today is Bitcoin. Ether or Ethereum is the second most common cryptocurrency.