Cryptocurrencies drop as high flyer altcoin Ripple trades 50% below peak

Ripple's price may also be falling amid concern over a feature that allows platforms using the token to freeze funds

Ripple, one of the best-performing cryptocurrencies in 2017, led a retreat among peers on Wednesday as some investors reassessed whether last year’s gains were justified.

The digital currency tumbled as much as 24 per cent to $1.61, or about half the value of its Jan. 4 peak, according to data compiled by Bloomberg. Ripple pared the loss to 12 per cent, as bitcoin and litecoin both fell by about 5 per cent.

Ripple, created to help make cross-border payments easier, surged more than 300-fold last year as the investment frenzy surrounding bitcoin spread to other cryptocurrencies. Skeptics have warned of