The price of Ripple (XRP) which is the third largest cryptocurrency by its market cap, recently fell to a new low this year. As of Wednesday, Ripple dropped to $0.35 which is seven cents from the previous yearly low of $0.42 in July.
The current price of Ripple stands at its lowest level since December 12th, 2017 – and is far from its all-time-highs of $3 amid a bull run on the crypto market. Right now, XRP is down 89.2% from the highest price over a period of eight months.
What drives this trend is bad press for Ripple. The startup associated with XRP has been getting a lot of bad press and investor lawsuits stemming from the coin’s price decline. Right now, the price of XRP continues the downward trajectory and is down by 11.76% over a 24 hour period, according to data by CoinMarketCap.
Still, XRP is not the only cryptocurrency that dropped to its lowest point this year. It declined 8.78% from its previous yearly low of .
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65 which make it one of the biggest losers on the day.
The other altcoins followed with a sluggish performance. Ethereum and EOS are both down, 6.89% and 7.96% accordingly and are showing no signs of bullish revival. Bitcoin, on the other hand, has regained its momentum but its still in a position where it is mostly affected by the low market volume.
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