After last weeks impressive rally that saw XRP reach highs of over $0.70, the coin is back down to more moderate levels of $0.45. However, the cryptocurrency is still up almost 50 percent over the week, as it was hovering around $0.27 early last week.
The rest of the market followed suit as usual, with most assets suffering minor losses. Ethereum (ETH) and EOS have been particularly hard-hit, with ten percent losses each over the past day and Litecoin (LTC) and Bitcoin Cash (BCH) down 5 percent each.
Bitcoin is performing strongest with only 2.6 percent losses in the 24-hour period.
As a result of the correction, the overall cryptocurrency market has lost over $20 billion in value, down from a high of almost $230 billion last Sunday.
The correction represents a continued enclosing triangle pattern that the market has been following throughout this year. Some believe the recent emergence of higher lows indicates a recovering market but only time will tell. With no significant upcoming new developments, the market may need some more time to build volume before another breakout.
Despite the downturn, some coins are performing well so far this week. Ethereum-challenger Aurora (AOA) and blogging payment asset STEEM are performing best – up 8 percent each. AOA has experienced extreme volatility lately, losing 50 percent of its value on Sep 18 only to regain it again two days later. Launched in May this year as Aurora Chain, the blockchain project aims to be a contender to Ethereum by offering an improved smart contract platform for decentralized app (DApp) development.
Zcash (ZEC) and Horizen (ZEN) are also beating the bear market, up about 5 percent each today.
