The price of Ripple stood £2.08 at 11.30am today, up from yesterday’s low of $1.62, which was 57 per cent down on the all-time high on Thursday January 4.
The latest rise in Ripple’s currency XRP has pushed its market capitalisation up to $80 billion, but Ethereum remains well in the lead as the second biggest cryptocurrency.
The CoinMarketCap currency tracker below shows the latest XRP price in real time. WHY IS THE RIPPLE PRICE CRASHING?
Here is the latest news and price updates on Ripple mania.
11am: Ripple is not the next bitcoin, says MIT
Mike Orcutt, associate editor at MIT Technology Review, has said that the Ripple price rise was based on a misplaced assumption.
He said: “The exuberance was fueled, at least in part, by a belief that anyone buying up XRP was getting in on the next Bitcoin.
“But for some it could end up as a very expensive lesson that what they bought into is a different animal altogether.”
BITCOIN UPDATES: BITCOIN PRICE LIVE
10.30am: South Korean ban fears could be ‘overblown’
The prices of Bitcoin and Ripple have been falling due to fears that South Korea is preparing to ban cryptocurruncy trading.
But Finance Professor Geoffrey Smith, W. P. Carey School of Business at Arizona State University, has suggested that Korean government’s intention may be to only ban anonymous cryptocurrency.
“The Korean government is requiring Bitcoin traders to do so under their real name, not anonymously,”says Finance Professor Geoffrey Smith, W. P. Carey School of Business at Arizona State University, told Forbes.
“If the purpose of this is to protect their citizens from deception, fraud, or theft, then it is good.”
10am: MoneyGram to use XRP for international payments
Ripple CEO Brad Garlinghouse tweeted: “I’m pleased to be able to share @MoneyGram has partnered with @Ripple to use $XRP in their payment flows.”
The Ripple website said: “To allow their customers to send and complete cross-border payments quicker and cheaper, MoneyGram — one of the world’s largest money transfer companies — will use XRP in their payment flows.”