Ripple leads retracement in cryptocurrenies following recent rally
After gaining more than 100% in seven days, ripple has been among the worst-performing cryptocurrencies in the past two trading sessions.
By mid-morning in European trade, it was down just over 13% as investors continued to take profits from the Monday-to-Sunday surge, starting on 17 September than saw the cryptocurreny climb from $0.281 versus the dollar, to $0.572 – a 103.5% gain.
Nigel Green of deVere Group was not concerned about the losses of the past two sessions, focusing on his expectations of future gains for the digital asset.
“XRP will go on to gain more traction than many of its rivals because of its unique features, technologies and problem-solving capabilities,” he said.
He added: “It has been cleverly positioning itself to become a leading international facilitator of global remittances and inflows – a huge and growing market, especially in the emerging economies of Latin America, Asia and Africa.”
Ethereum’s ether token was also among the big fallers as the Ethereum network continued to suffer scalability issues after a deluge of decentralised Apps (dApps) were launched on the network, prompting Afri Schoedon, a developer on Ethereum’s Parity client, to Tweet: “Please stop deploying d-apps to Ethereum. We are running at capacity.”
Price round up
Here’s a round up of the price movements of the top 10 cryptocurrencies at 11am [London time]:
- Bitcoin -3% at $6,422
- Ethereum -11.1% at $211.08
- Ripple -17.4% at $0.45
- Bitcoin cash -7.1% at $437.10
- Eos – 10.5% at $5.15
- Stellar lumens – 9.3% at $0.24
- Litecoin -5.3% at $55.11
- Tether unch at $1
- Cardano -10% at $0.08
- Monero -5.7% at $111.65