XRP loses 10% as cryptocurrency market struggles

XRP, the third-largest cryptocurrency by market capitalization, has lost a further 10.14% in the last day to fall back to just $0.273.

Today marks the third consecutive day of losses for the cryptocurrency, which fell from a 2020 peak of over $0.343 down to its current value—equivalent to a loss of almost 19% in less than three days.

Compared to Bitcoin, XRP has also performed particularly poorly as of late. After briefly gaining on Bitcoin between the 11th and 14th of February, XRP once again continued its downtrend against Bitcoin, falling from a peak of 0.00003350 BTC/XRP down to just 0.00002874 BTC/XRP as of writing. This loss of more than 14% has erased almost all of XRP's gains against Bitcoin in the last week, and shows no signs of slowing down.

XRP up long-term

Despite its recent loss, XRP is still up more than 16% in the last month and 4% in the last three months. Though it is in the green in these timescales, XRP hasn't had quite the same success as many other mid-to-large cap altcoins, including the likes of Ethereum (ETH) and Tezos (XTZ), which are up 48% and 97% respectively in the last month.

Nonetheless, in the short-term, the global cryptocurrency market appears to be in a state of decline, as almost $12 billion was wiped from the global cryptocurrency market cap in the last day. XRP and most other cryptocurrencies have fallen sharply in parallel, with altcoins bearing the brunt of the damage.