Cryptocurrencies were under pressure Wednesday as traders assessed another sharp pullback. But this slump may be different.

XRP the popular altcoin that is used to facilitate and settle payments on the Ripple platform, rose 2.6% to $2.45. Cryptos have rallied across the board since November on hopes that the incoming Trump administration will further boost the digital coins.

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry.

Cryptocurrencies enjoyed a bright start to the year but that looks to be coming undone as the recent selloff continued Thursday.