Categories: Ripple

Ripple (XRP) Is Down Almost 20% In Seven Days — Here’s Why

Click here to view original web page at www.forbes.com

Ripple (XRP) had a phenomenal month in September, rising over 100% as investors piled into the digital XRP token on hopes it would become the defacto way banks and financial services companies moved money across borders.

But since the Ripple Swell event, the wind has been somewhat taken out of XPR sails. The ripple price has sunk around 17% over the last seven days as the volume of XRP has declined by more than 50% over the last four days.

Ripple, the informal name for the XRP cryptocurrency, saw 24-hour trading volumes of over $4 billion in September though this has now fallen to just $500 million in the last 24 hours.

A visual representation of the digital cryptocurrency, ripple (XRP). (Photo by S3studio/Getty Images)

Meanwhile, ripple and cryptocurrency analysts have speculated that XRP investors have been keen to take profits from the recent uplift in the ripple price. Ripple is down from $3.71 at the beginning of the year and dropped as low as $0.26 earlier in September. The ripple price began 2017 at just $0.006.

Ripple's price surge in September, triggered by Ripple Labs (the company behind the ripple XRP token) teasing details of its new xRapid service — which will allow banks to carry out international transactions using XRP in "a matter of minutes."

Ripple Labs then revealed three companies – payment providers MercuryFX and Cuallix as well as cooperative financial firm Catalyst Corporate Credit Union – would be the first to roll out the service, announced by Ripple CEO Brad Garlinghouse on stage at Ripple's Swell conference in San Francisco.

The ripple price has fallen from recent highs of $0.61 since the beginning of the Ripple Swell event to just $0.48.

The ripple (XRP) price surged in September after months of loses. CoinDesk

As a result of the ripple price surge, XRP briefly overtook ethereum as the world's second largest cryptocurrency by total market capitalization — a spot it was battling ethereum for over some weeks.

Ripple has since lost ground to ethereum. XRP's market cap is now $19.1 billion, compared to ethereum's $23 billion. Bitcoin remains far ahead in terms of market cap, with an eye-watering $113 billion, according to CoinMarketCap data.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Overstock Will Champion Crypto Despite Cheerleader Byrne’s Exit

Overstock will continue its crypto and blockchain-centric focus despite Patrick Byrne's exit. | Source: YouTube By CCN Markets : Online… Read More

5 hours ago

59-Year-Old Fjällräven Evolves Retail Landscape by Using Blockchain-Based Cryptocurrency for Back-to-School

BOULDER, Colo. (August 22, 2019) — As brands seek ways to engage new, digital-native communities, Fjällräven, the Swedish heritage outdoor… Read More

5 hours ago

Refining The Travel Industry Through Blockchain

If you have travelled before, then you are aware of the myriads of companies that would be involved in a… Read More

5 hours ago

NBA & Blockchain: glimpse of the future?

These days it seems companies quite enjoy adding “2.0” to the end of everything: Internet 2.0, web 2.0, etc. Well,… Read More

5 hours ago

CNBC Analyst Explains Why He is Bearish on Bitcoin

Share Tweet Send Share Earlier this week CNBC Fast Money host Brian Kelly said he is short-term bearish on Bitcoin… Read More

5 hours ago

New York Gym Grit Bxng Accepts BTC Payments

Who would have ever thought that working out and bitcoin could ever go together? Well, thanks to a new Manhattan-based… Read More

11 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More