Ethereum, XRP down 2% as market heads south

By Nawaz Sulemanji

Crypto markets are again turning red, as the price of Ethereum (ETH) and XRP (XRP) see 2% and 3% respective losses for the day. Both assets crashed in tandem over a 30-minute sell-off that also saw Bitcoin (BTC) plummet back to $8,000.

Ethereum's fall to its current value of $172 comes after the cryptocurrency again failed to break upwards through $180 earlier today. This is the second time that this resistance level has held back the price, following a failed first attempt at the start of October. The cryptocurrency is also 30% down from its September 19 high of $225.

The situation looks similarly as bleak for XRP—with the 3rd biggest cryptocurrency also on a downward trajectory. The current price of XRP is now $0.244, with the token now down 35% from its September 18 high of $0.327.

Interestingly, the sell-off has not been so severe for other cryptocurrencies in the top 10 coins by market cap. Both Bitcoin and Binance Coin (BNB) saw only around 1.3% wiped off their own valuations in the last 24 hours. However, it's worth noting that, over the last week, both projects have lost nearly 4% in price, whereas both XRP (-0.3%) and Ethereum (+1.4%) have fared slightly better in the same period of time.

Yesterday, Ripple CTO David Schwartz mooted the idea of an XRP-collateralized US dollar stablecoin, and Ripple announced a host of updates to the XRP ledger, and Interledger—an open standard for payments, that was created by Ripple. Clearly, the market didn't bite.

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