XRP down close to -15% as spike bites
Cryptocurrency prices continued their downward swing today with bitcoin down almost -3% at close to 1.30pm London time. The XRP weakness was much in evident, down more than -14.5% to $0.45 following strong recent gains. Compare this price to almost $0.70 last week on the back of rumours Ripple was close to launching its new commercial xRapid application.
XRP’s value, some predicted, was ready to de-couple from much of the immediate crypto competition. Although Ripple has attracted attention from recent commercial deals with American Express, CNBC points out these have been mostly focused on xCurrent – which does not deploy XRP.
“It’s other product known as xRapid uses XRP as a kind of ‘bridge’ between currencies, allowing payment providers and banks to process faster cross-border transactions. Firms that have trialed the product include money transfer giants Western Union and MoneyGram,” CNBC said today.
XRP remains more than 80% down since its record January high. A fresh report from the Bank for International Settlements demonstrates the strong relationship between crypto prices and regulatory news (see separate news piece to come shortly).
Buterin to back Zcash?
There are also reports ethereum founder Vitalik Buterin is now backing the use of privacy-based Zcash’s zk-SNARK technology to support blockchain processes of up to 500 transactions per second.
Meanwhile CryptoDaily reports that the Australian Securities and Investments Commission (ASIC) has halted several Initial Coin Offerings (ICOs) since April as it clamps down on the fraud threat for retail investors.
This move could not be corroborated on ASIC’s website.