RATE Group | Cryptocurrency news: More than £6.8 BILLION wiped from Ripple XRP | City & Business | Fi…
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Cryptocurrency news: More than £6.8 BILLION wiped from Ripple XRP | City & Business | Fi…

25 Sep Cryptocurrency news: More than £6.8 BILLION wiped from Ripple XRP | City & Business | Fi…

Posted at 18:56h in Cryptocurrency News by

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The digital token tanked from a peak of $0.66 last Friday to just $0.46 today – a drop of more than 30 percent.

The slump in price comes after XRP saw a dramatic rise last week following reports that Ripple, the company behind the digital asset, could be close to launching a new product which would help banks speed up international transactions.

But after last week’s spike, which saw investors pile into the world’s third most popular cryptocurrency, the price dropped as suddenly as investors took their profits.

At the time of writing, XRP was trading for $0.458 with just over £13.8bn ($18.2bn) invested in the cryptocurrency around the world, according to Coinmarketcap.

The surge in market capitalisation was driven by reports Ripple’s new xRapid product could be ready “in the next month or so”.

The process is designed to allow faster and cheaper international monetary transfers, according to Ripple, reducing the time it takes to move cash between countries by converting the…

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