Altcoin XRP (CRYPTO: $XRP) is trading at a four-month low as the relentless selloff in cryptocurrencies continues.
The price of XRP has fallen back to levels last seen in February of this year as investors continue to rotate capital out of digital assets.
The slide lower comes as XRP marked its 14th anniversary this past week, commemorating the 2012 launch that created a 100 billion token supply of the altcoin.
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XRP has seen outflows of $1.5 billion U.S. over the past week as investors move money away from crypto and into technology stocks.
Consequently, XRP’s price has fallen to $1.14 U.S. in the last 24 hours. The cryptocurrency has been falling steadily since its price broke down below $1.25 U.S. earlier in the week.
XRP’s price has now declined 53% from a peak of $2.40 U.S. reached in January of this year.
Analysts say that XRP’s price has shifted from support to resistance as it continues to experience downward pressure.
Some analysts also warn that they see few near-term catalysts for XRP and other altcoins that would reverse the current downturn.
An altcoin, or alternative coin, is any cryptocurrency other than Bitcoin (CRYPTO: $BTC).