Ripple’s value plunged over 6%, dropping to the $2.36 range.
On Thursday morning, CoinMarketCap, a leading cryptocurrency tracking platform, reported that Ripple had fallen 6.16% over the past 24 hours to $2.38.
Earlier, Ripple hit a low of $2.36, causing its market cap ranking to slip from third to fourth place.
The broader cryptocurrency market is under pressure today as concerns grow that higher U.S. tariffs could fuel inflation and reduce the chances of interest rate cuts.
While Ripple suffered a sharp decline of over 6%, Bitcoin limited its losses to 1.30%. Among major digital currencies, Ripple’s steep drop stands out.
Analysts attribute this to an ongoing correction following its recent rally and the absence of new catalysts for growth.