Categories: Fin-Tech Tool Box

IOTA (MIOTA), Ripple (XRP) Drop Sharply as Markets Recover

Click here to view original web page at

The price of IOTA plunged by roughly 10% on Tuesday even though the wider cryptocurrency market recovered a bit from its weekend lows.

IOTA worst performer among top 25 cryptocurrencies

The cryptocurrency market erased recent gains on Wednesday which lead the Bitcoin price to reach the $6,500 mark. Other large-cap cryptocurrencies also record gains. However, IOTA wasn’t one of them.

The currency started the week close to the $1 mark but wasn’t able to sustain the gains. IOTA dropped to trade at $0.64 as markets continue to slide.

IOTA has now lost more than 20% of its value over the past 24-hours days, making it one of the worst performer amongst the leading cryptocurrencies.

Failed partnership major catalyst behind dump

Perhaps the most obvious reason for the dump was the revelation by Sirin Labs.

The creator of a crowdfunded blockchain smartphone called the “Finney” (after early bitcoin adopter Hal Finney) announced recently that it would not be developing its platform on IOTA’s Tangle distributed ledger. It instead chose Ethereum’s network.

The price of MIOTA immediately plummeted following the announcement by Sirin Labs CEO Moshe Hogeg.

This loss will most likely affect MIOTA even more in the coming days. With Ethereum Classic closing in on IOTA’s market cap, MIOTA might soon drop out of the top 10 cryptocurrencies.

Ripple dips 17% as bears are in full control

The XRP price went into a bearish mode yesterday as it dropped 17% on Wednesday. There was a sharp increase in selling pressure above $0.4350 in Ripple price against the US Dollar.

The XRP/USD pair failed to move above the $0.3400 resistance area and declined.

The general cryptocurrency market recovered briefly yesterday, but XRP dropped to trade at $0.34, signaling its lowest point since July 2017 when it traded at $0.42 per coin. Over the past eight months, Ripple has lost more than 90% of its value.

The cryptocurrency continues to decline despite the multitude of positive news coming out from the community.

The recent announcement that former U.S President Bill Clinton will be a keynote speaker at the upcoming Ripple Swell conference didn’t affect the price of XRP.

Ripple also announced a partnership with singer Madonna to help raise funds for her charity organization. That also didn’t help the price as it continued to decline.


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

$10K Bitcoin Stronger Than Ever But No One Seems to Care: Google Trends

Risk Disclaimer - By using this web site you agree to its terms and conditions. All materials, including but not… Read More

6 hours ago

Bitcoin Is A Hedge Against Gov’t “Fiscal Irresponsibility”, Analyst

Equities portfolio manager turned crypto fund executive Travis Kling has argued that Bitcoin has come into its own as a… Read More

6 hours ago

Why Are France & Germany Blocking Facebook’s Crypto? The Euro, Apparently

For those most part, governments have ignored Bitcoin . While the crypto asset’s proponents see it as the future of… Read More

6 hours ago

U.S. Charges JPMorgan Suits for ‘Spoofing’ Precious Metals Markets

| Source: Lorimer Images/Shutterstock The United States Department of Justice has charged three gold and precious metals traders from JPMorgan… Read More

6 hours ago

Your Crypto Exchange Can’t Send Even $1000 Without Exposing You

Regulator-compliant crypto exchanges are required to share your information with other financial institutions. | Source: Horth Rasur/Shutterstock Transferring more than… Read More

6 hours ago

Bigger Bloodbath in U.S. Stock Market Likely: Factors of Further Downtrend

Geopolitical risks and an uncooperative Fed could trigger a short-term relapse in stock prices. | Image: Shutterstock The U.S. stock… Read More

6 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More