Why has XRP dropped today? XRP price plummets in major crypto crash

The cryptocurrency market is known to be incredibly volatile. And in recent days, a number of factors have caused some cryptocurrencies to drop 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.

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But whether cryptocurrency markets will recover from the recent blows are a source of much speculation currently.

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."

Sam Onigbajjo of Great Business Platforms, said: "The peoples bank has publicly denounced the crypto and said it is not a legal tender.

"This combined siege has made some cryptowhales move huge sums of money followed by a panic withdrawal frenzy by numerous retailers in a day Ethereum has dropped to 2,500 losing prior momentum in 24 hours, not to speak of the Dogecoin that also saw huge drops.

"All this said the savvy trader recognises this as the best time to re enter the markets".

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