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