I think it is fair to say that the Ripple (XRP) price is having a horrendous finish to the week.
At the time of writing the third-largest cryptocurrency has lost a shocking 25% of its value over the last 24 hours and is down to 87 U.S. cents. This has reduced its market capitalisation to just US$33.9 billion.
Incredibly this means that the popular altcoin has fallen 77% since peaking at US$3.84 just under a month ago. At its height Ripple had a market capitalisation of almost US$150 billion.
Unfortunately for crypto traders, it is looking equally grim for the rest of the cryptocurrency industry at the moment.
The bitcoin (BTC) price is down 15% since this time yesterday to US$8,761, Ethereum (ETH) is off 14% to US$970.57, Bitcoin Cash (BCH) is 20.5% lower at US$1,188, and Cardano (ADA) has fallen almost 30% to 37.2 U.S. cents.
What happened?
As we reported earlier today, a combination of factors has weighed heavily on the industry this week.
This included the Japanese crypto heist, Facebook's ban on ICO advertising, South Korea's ban on anonymous trading, and a crackdown in India that was announced yesterday.
What's next?
At this stage it is unclear whether this is the start of the crypto bubble bursting or purely a correction after a strong rally over the last few months.
I suspect that it could be the former and would not be surprised to see prices continue to tumble as traders flock to the exits to preserve whatever wealth they have left.
In light of this, I would suggest that investors stay well clear of the industry for the time being due to the obvious risks that are involved. Instead, they may want to consider focusing on some of the great options that are available on the local share market.
