Ripple’s crypto-asset, XRP was trading at $0.62215 by 00:01 (05:01 GMT) down 10.29% on the day.
In line with the law of gravity, what goes up must come down at one
point in time. Ripple the third most valuable crypto by market value has
suffered its largest one-day percentage loss since September 3.
- Ripple’s crypto-asset, XRP was trading at $0.62215 by 00:01 (05:01 GMT), down 10.29% on the day.
- The move downwards pushed XRP’s market cap down to $28.6 Billion or 5.08% of the total cryptocurrency market cap.
- At its highest point in 2017, XRP’s market capitalization was $31.58 Billion.
- XRP had traded in a range of $0.62057 to $0.70711 in the previous twenty-four hours
That said, the bullish run presently in play is largely attributed to Ripple’s
most recent earning reports, disclosing it purchased a large quantity
of XRP coin worth $45.5 million in Q3 2020, as part of its efforts to
support the crypto market.
What you should know
Ripple’s XRP is often tagged as the “remittance network” and currency
exchange that independent servers authenticate. The currency traded is
known as XRP and transfer times are super fast.
Ripple (XRP) plays dual roles as a payment platform and a currency.
The platform is an open-source platform that was created to allow quick
and cheap transactions.
Olumide Adesina is a France-born Nigerian.
He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading.
Featured Financial Market Analysis for a Fortune Global 500 Company.
Member of the Chartered Financial Analyst Society.
Follow Olumide on Twitter @tokunboadesina or email olumide.adesina@nairametrics.com.
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