Ripple (XRP) is among the biggest casualties of the recent sell-off in cryptos, losing nearly 30% in 24 hours.
XRP was one of the best performing cryptos of 2017, boosted as Ripple struck various deals with big financial names.
Last week, there was news of a partnership with money transfer company MoneyGram to pilot XRP in their payment flows.
In 2017, it also announced deals with the likes of American Express to link up the Ripple network to enable blockchain transactions.
However, the wider sell-off across the crypto universe over recent trading sessions is hitting sentiment in XRP disproportionately hard.
Year to date for 2018, Ripple is down by around 50% versus about 29% for Bitcoin.
This week, cryptos are being pounded by concerns that regulators in China and South Korea may decide to ban crypto trading altogether.
There is also talk that regulators in Japan could be looking at introducing rules, while officials in the US and France are also threatening to begin investigations with a view to eventually imposing regulation.
Crypto regulation is likely to be a topic at the forthcoming G20 meeting in March.
“There is a lot of panic in the market. People are selling to try and get the hell out of there,” said Cryptocompare founder Charles Hayter.
Bitcoin was down nearly 9% on Wednesday as at 1314 GMT, trading at $10,376.
RIpple was 10% lower on the day, at $1.05.
Litecoin was 11% down, at $166.
Ethereum was 16% lower, at $885.