Ripple price SLUM: Cryptocurrency value DROPS after week of major growth

The digital money was worth as much as $0.91 at 12pm on April 22 before its value dropped to $0.86 by the end of the day.

Prior to the price decrease Ripple had seen its value rise by eight per cent on Sunday morning.

The sudden fluctuations in the price of Ripple are typical of cryptocurrencies, which regularly experience extreme value variations.

Despite the small setback in price in the final 12 hours of the week, Ripple has largely seen positive growth over the past seven days.

On April 15 XRP was trading at $0.64, meaning the value has risen by as much as 25 per cent over the course of the week.

The increase in value has led to experts claiming further good news can be expected by investors of the online money.

Naeem Aslam, a Chief Market Analyst at ThinkMarkets in the UK, an online broker, declared Ripple values will climb “as the larger crypto market gains more confidence and positivity”.

He declared: “As the larger crypto-market gains more confidence and positivity, Ripple’s valuation should grow in tandem with the overall value of the cryptocurrency market.

“Ripple to date is trading around $0.70, whilst its all-time highs were closer to $3.30, marking a potential 5.44 times growth.

“Bitcoin, on the other hand, only has around one to 1.5 times, comparing its current price to previous all-time highs.”

XRP has posted strong results since the passing of the US tax deadline on April 17, which had fuelled fears of a sell-off.

Ripple started trading at low prices of $0.17 back in August last year.

During its time on the market the cryptocurrency has experienced incredible peaks and troughs.

Back in January 6, the virtual money reached an all-time trading high of $3.09.

After hitting such whopping values, Ripple since plunged on markets and had been struggling to maintain its momentum.