XRP, currently the world's third-largest cryptocurrency by market capitalization, has just crashed to under $0.28 for the first time in over a week.

As it stands, XRP is hovering around $0.27 after losing 8% of its value since yesterday. This recent bearish price action has cleaved more than $1 billion off its market capitalization, bringing it back down to under $12 billion.

Todays' losses continue almost a week of solid decline for the altcoin, which has fallen from a peak of $0.341 last week, down to today's value. Overall, XRP is down just over five percent in the 7-days.

Although practically the entire cryptocurrency market is in the red this past week, at least part of the reason XRP has been hit among the hardest might be attributed to its diminishing trade volume.

Since reaching its highest value this year last week and seeing well over $6 billion in XRP changing hands each day, trade volumes began to diminish—halving in the space of a week.

Overall, most cryptocurrencies are in significant losses today, with an average loss of 6.2% seen across the board. As such, XRP is currently performing worse than most, but is still up more than 30% for the month.

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