Ripple’s XRP cryptocurrency is down roughly 10% Wednesday morning as it continues to slide downward — bottoming out at $1.62 per coin, less than half its value a week ago.
The negative spiral began on Monday, when popular data site CoinMarketCap opted to exclude prices from South Korean cryptocurrency exchanges from its data, causing the prices to show dramatic drops on its site.
This “likely triggered some panic selling,” Ripple’s chief cryptographer David Schwartz said, further dragging down the price. The move by CoinMarketCap also affected many other cryptocurrencies, including the flagship bitcoin
XRP had previously seen an astronomical rise from its low of $0.15 in March 2017, gaining some 2000% to reach $3.315 per token on January 4.
The cryptocurrency currently has the third-largest market cap among digital tokens, behind bitcoin and Ethereum, with a total value of $75.58 billion, according to OnChainFX, a site that many traders have switched.