Ripple has fallen 8.5 per cent to just $2.35 today after the 30 per cent plunge in value yesterday, according to CoinMarketCap which tracks real-time prices and market capitalisations.
The latest drop in Ripple’s currency XRP has pushed its market capitalisation down to $98.5 billion, allowing Ethereum to overtake it and become the second biggest cryptocurrency.
Ripple had been in the second spot behind bitcoin after managing to hit an all-time peak of around $3.84 on Thursday and soaring an incredible 35,000 percent in 2017.
Here is the latest news and price updates on Ripple mania.
11.55am: Ethereum in second place behind bitcoin
Ethereum remains in second place behind bitcoin after its market capitalisation continued to rise above $117 billion.
Meanwhile, Ripple’s market capitalisation fell below $91 billion. Bitcoin is steady at almost $250 billion.
11.50am: Ripple price sinks after exclusion of South Korean data.
Ripple and Bitcoin sank on Monday after CoinMarketCap removed prices from South Korean exchanges from its calculations of digital currency rates without any warning,
Traders said XRP was the most severely affected by CoinMarketCap’s removal of South Korean prices because it was trading at a 50 percent premium in that country.
11.45am: Ripple price drop confusion sparks sell-off
The exclusion of data from South Korean exchanges, where virtual currencies trade at a wide premium, has sparked confusion and a broad selloff.
“Every crypto is priced at a 30 percent premium in South Korea,” said Greg Dwyer, head of business development at cryptocurrency derivatives exchange BitMex.
“By removing that, it looks like the market cap fell by 30 percent and so people rushed to sell because they’re not sure what’s happening.”