The beginning of January had Ripple (available on Binance) (XRP) hitting all-time-highs and put it at the second largest cryptocurrency by market cap. Now, it seems the coin has taken a sTron (available on Binance)g bearish turn.

Source: CoinMarketCap

Currently, XRP is selling under the $1 mark, at $0.96 a coin. It is currently down -14.38% in 24 hours but remains the third top cryptocurrency. Earlier we reported that India’s finance minister gave a statement about the country’s stance on cryptocurrency. Many reports stated that the government had flat-out banned cryptocurrency from being used as a currency. It was blown wildly out of proportion by the media and instead, India will initiate a crackdown on crypto assets being used for “illegitimate activities.”

Ripple (available on Binance)’s core project has not altered but it’s decline this month has primarily to do with various circumstances in the cryptocurrency space. As you can see from the chart above, there have been two very dramatic drops in the digital currency.