Chris Helgren | Reuters
The logo of blockchain company Ripple is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017.
Cryptocurrency ripple fell on Tuesday on the Bitstamp exchange, adding to sharp losses from the previous day.
The price of the digital currency dropped 5 percent and traded at $2.319 as of 10:19 a.m. ET.
Ripple dropped more than 8 percent on Monday as prices of several digital currencies also declined. Bitcoin briefly fell more than 10 percent before finishing the day down about 2 percent. Litecoin also fell on Monday.
Coinmarketcap.com, an industry site, showed ripple down more than 30 percent at one point on Monday. The sharp move lower appeared to be a reflection of the site excluding certain prices from Korean exchanges. Other sites and exchanges showed ripple down more than 10 percent at the time.
Ripple’s price gain last year left major cryptocurrencies like bitcoin in the dust. In 2017, ripple soared 35,000 percent, while bitcoin rose 1,500 percent.
However, some experts say the digital currency, which is also called XRP, may have run ahead of itself. “Definitely the ripple ecosystem is definitely going to have to get a lot bigger to justify where XRP is right now,” said Michael Graham, an analyst at Canaccord Genuity last week. But he also said “the use case for XRP is quite clear. That sets it apart from other crypto assets.”
Ripple is officially the name of a San Francisco company that is developing a payments network for financial institutions. XRP is the name of the coin that Ripple participants can use for transactions. The company has also said that more than 100 financial institutions are using its network in some capacity.