One of the most popular cryptocurrencies, Ripple (XRP), falls 4.52% to $1.31 on Friday, as per the average prices of ripple on the big cryptocurrency markets countrywide. The prices of most popular digital currencies have been low for past several days including bitcoin, cardano, litecoin, ethereum and NEO. Ripple's market capitalization is around $50 billion. The previous day's high and low levels are $1.32 and $1.28 as the digital currency trades in a tight range.
Ripple is a Real Time Gross Settlement (RTGS) system, currency exchange and remittance network. It is based around a shared public database or ledger, which uses a consensus process that allows for payments, exchanges and remittance in a distributed process.
Five Things To Know About Ripple (XRP) And Its Price Movement
1. Ripple has been on a precipitous decline for past three weeks. On January 4, the ripple average price on CoinMarketCap had touched a high of $3.84, while it traded at $1.30 on Friday, posting a fall of 66% in just three weeks.
2. The market capitalization that had hit $130 billion on January 8 fell to $50 billion, taking the market cap to a little over one-third of its value less than three weeks ago.
3. Not only ripple, other crytpocurrencies are also falling. Bitcoin has fallen by over 1%, ethereum is down by 2.4%, cardano is lower by 6%, litecoin is lower by 2%, and NEO is lower by 3%, among others.
4. Ripple trades at $1.288 on Friday on BitStamp.
5. The cryptocurrencies have been under pressure for past few days since several countries are bent upon clamping down on the cryptocurrency exchanges and traders. On January 23, South Korea announced that it will ban the use of anonymous bank accounts in cryptocurrency trading from January 30, in a widely telegraphed move designed to stop virtual coins from being used for money laundering and other crimes.