Ripple loses ground for first day in three on profit-taking

Ripple tilted lower on Wednesday on profit-taking after marking strong profits earlier this week as liquidity moved from collapsing cryptocurrencies such as Tether to major, safer ones such as Ripple. 

As of 05:26 GMT, Ripple inched down to $0.48406, with an intraday low at $0.47139, and a high at $0.4975, with Ripple's market value now receding to $45.6 billion. 

Ripple was bolstered earlier this week partly due to new investments flooding into it after the selloff of Tether on Bitfinex and other platforms. 

The selloff was instigated by concerns over the difficulty of linking Tether to the dollar, damaging the virtual currency's appeal and putting its future in jeopardy. 

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.