RATE Group | Altcoins: Ahead of Libra, XRP cryptocurrency gains toehold in commerce
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Altcoins: Ahead of Libra, XRP cryptocurrency gains toehold in commerce

03 Nov Altcoins: Ahead of Libra, XRP cryptocurrency gains toehold in commerce

Posted at 18:57h in Cryptocurrency News by

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LONDON (Reuters) – Facebook’s Libra may be grabbing all the headlines at the moment, yet a major cryptocurrency already exists that’s gained a toehold in mainstream commerce.

FILE PHOTO: An electric board showing exchange rate between South Korean Won and Bitcoin at a cryptocurrencies exchange in Seoul, South Korea December 13, 2017. REUTERS/Kim Hong-Ji/File Photo

XRP, the third-biggest cryptocurrency by market value, seeks to succeed where bitcoin and other digital currencies have largely failed: in powering fast and low-cost transactions.

In a rare example of a cryptocurrency finding a practical use beyond speculative trading, it has gained a certain amount of traction, with some large financial firms using XRP for international payments.

Yet the price of XRP, often referred to as Ripple, has dropped by a quarter so far this year, even as bitcoin has more than doubled and other smaller coins such as ethereum have made slim gains.

XRP’s price performance goes against…

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