Ripple (XRP) had a phenomenal month in September, rising over 100% as investors piled into the digital XRP token on hopes it would become the defacto way banks and financial services companies moved money across borders.
But since the Ripple Swell event, the wind has been somewhat taken out of XPR sails. The ripple price has sunk around 17% over the last seven days as the volume of XRP has declined by more than 50% over the last four days.
Ripple, the informal name for the XRP cryptocurrency, saw 24-hour trading volumes of over $4 billion in September though this has now fallen to just $500 million in the last 24 hours.
Meanwhile, ripple and cryptocurrency analysts have speculated that XRP investors have been keen to take profits from the recent uplift in the ripple price. Ripple is down from $3.71 at the beginning of the year and dropped as low as $0.26 earlier in September. The ripple price began 2017 at just $0.006.
Ripple's price surge in September, triggered by Ripple Labs (the company behind the ripple XRP token) teasing details of its new xRapid service — which will allow banks to carry out international transactions using XRP in "a matter of minutes."
Ripple Labs then revealed three companies – payment providers MercuryFX and Cuallix as well as cooperative financial firm Catalyst Corporate Credit Union – would be the first to roll out the service, announced by Ripple CEO Brad Garlinghouse on stage at Ripple's Swell conference in San Francisco.
The ripple price has fallen from recent highs of $0.61 since the beginning of the Ripple Swell event to just $0.48.
As a result of the ripple price surge, XRP briefly overtook ethereum as the world's second largest cryptocurrency by total market capitalization — a spot it was battling ethereum for over some weeks.
Ripple has since lost ground to ethereum. XRP's market cap is now $19.1 billion, compared to ethereum's $23 billion. Bitcoin remains far ahead in terms of market cap, with an eye-watering $113 billion, according to CoinMarketCap data.