Ripple's XRP is down 80% from its January peak

Ripple’s XRP, the world’s third-largest cryptocurrency, is down 80% from its all-time high of $US3.32, trading at just $US0.66 per token Monday afternoon, according to Markets Insider data. The virtual currency, which was designed for international payments and transfers, has lost 18% in the past day.

XRP now has a market capitalisation of just $US27.3 billion, according to That’s $US120 billion less than its peak market value of $US147 billion in early January, when it briefly overtook Ethereum as the second-largest cryptocurrency.

All major cryptocurrencies have been smoked since the start of the new year. In 2018 so far, the total market cap for virtual currencies has fallen by $US245.7 billion, or roughly 43%, thanks to fears of new regulations in Asian markets like China.

Facebook helped to further the selloff on Friday, when the social network announced it would ban all ads for bitcoin, cryptocurrencies, and initial coin offerings (ICOs). At the same time, it was reported that US regulators had subpoenaed cryptocurrency exchange Bitfinex and cryptocurrency company Tether, further driving down prices.

To make things worse for an already volatile market, India’s finance minister Arun Jaitley, also said that the country’s government “does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto assets in financing illegitimate activities or as part of the payment system.”

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