A visual representation of the digital cryptocurrency, XRP. S3studio | Getty Images

The price of cryptocurrency XRP tanked on Tuesday following a surprise spike last week. XRP, which is often incorrectly referred to as Ripple, fell over 18 percent from the day before at around 8.25 a.m. London time, according to Coinmarketcap.com. It was trading at $0.46. On Friday, the price of XRP jumped to $0.69 following a CNBC report that the company Ripple could be rolling out its cryptocurrency product that is based on XRP. Ripple is a fintech company that focuses on blockchain-based payments to help financial institutions move money around the world faster. The firm holds the majority of the cryptocurrency XRP, which is independent of the company but can be used on Ripple's platforms.

Sagar Sarbhai, head of regulatory relations for Asia-Pacific and the Middle East at Ripple, said last week that the firm was making significant headway with its xRapid product, which is aimed at helping banks speed up transactions by using the cryptocurrency XRP. "I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production," Sarbhai said of xRapid in an interview with CNBC last week. Since the spike on Friday, XRP's market capitalization or value has fallen over $9 billion. The price of the digital coin has dropped more than 30 percent. There doesn't appear to be a major catalyst for the downside move apart from investors taking profits.