Cryptocurrency

Ripple declines for first session in five with 1% losses

2018-11-13 21:15:30 GMT (Economies.com)

Ripple fell over one percent, or $0.01 on Tuesday on profit-taking after scoring the second weekly gain in a row on positive Ripple Middle East news. 

 

As of 07:36 GMT, Ripple fell 1.48% to $0.51626, with an intraday low at $0.51147, and a high at $0.53429, with Ripple's market value now receding to $50.4 billion. 

 

at the Global Islamic Economic Summit 2018, Ripple announced the launch of a new Dubai office, with Dilip Rao, Ripple’s Global Head of Infrastructure Innovation, stating: “I think the UAE government saying that 50% of all government transactions will be on distributed ledger technology by 2020 is a fantastic way to encourage innovation, to bring Fintechs to your market and then to then build the capability locally to iterate on those solutions that the Fintechs bring to you.”

 

Dilip also noted how financial institutions in Saudi Arabia, Kuwait, Bahrain, and Oman have already started to use XPR systems to process cross-border payments or conduct tests for the blockchain network in Ripple.

 

The Path of Ripple

 

It's worth mentioning that Ripple was first launched on March 7, 2015, to start trading at $0.015, with the virtual currency losing nearly two thirds of its value by early 2016 to $0.0059, before rising 5% during 2016 to $0.0063, and then skyrocketing 28,000% to $1.748 by the end of 2017, before marking unprecedented highs in January at $3.30, then losing up to 90% of value on a violent selloff wave that stormed crypto assets this year. 

 

Ripple then reversed nearly 80% higher in only a few days in September on positive news for the cryptocurrency and its standing between major financial institutions. 

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