After a heady week where the Ripple price surged to levels of $3.50 and hourly records, the past hours have showed a mass drop in price with the $1.50 level seeming to be the resistance level, a drop of well over 100% from those highs. Investors are currently losing thousands if they sell their positions at the moment as several got in on the hype when the price was about $3 or $3.30 and this is having an effect on sentiment with a bearish thrall affecting the market.
However Ripple’s loss seems to have been Ethereum’s gain since the price of that crypto currency surged to all-time record levels of around $1,300 on some exchanges although it is showing a slight retreat from these prices on Wednesday morning with the price now hovering at around $1250-1270 although this is still a hugely significant gain from just a few days ago when Ethereum was trading at $700-800.
All other crypto currencies suffered from the bearish Ripple sentiment and declined considerably in price. The chief loser from this was Litecoin which saw its price drop from highs of around $2.60 to well below $2.30 or a reduction of 20% at least. Bitcoin also suffered a huge loss in investor sentiment and is currently trading in the low $13,000’s – that’s a remarkable 25% drop from its recent highs of $17,200 achieved just a few days ago. This week has been a black one for crypto currencies as the market cap has now declined to well under the $700 billion mark from highs of $850 million again just days ago.
Other cryptos which saw heavy losses from previous intraday highs included Dash and to a lesser extent Ethereum Classic. The former saw a drop of around 6% overall and seems stuck in the $1000-1100 range for the foreseeable future. The latter saw a rise comparable to its sister currency Ethereum of around 10-15% but then fell back and was trading at around $32 which represented a loss of around 7% on a day to day level.