The third largest cryptocurrency by its market cap, Ripple (XRP), just fell to the lowest price this year.
On Tuesday, Ripple dropped to $0.26 for the first time since December 2017, right before the massive bullish run which saw it climb to $3.75 before New Year. XRP was last seen trading at $0.266 which marks a 3% decline since the beginning of the day.
Currently, XRP is one of the biggest losers in the crypto market. Reporting a 7-day loss of 36%, it is dropping at the fastest rate. The individual market cap of Ripple (XRP) also fell by more than $5.4 billion – making Ripple erase most of the gains during last year’s bull run.
On this day in 2017, Ripple was trading at $0.16 cents, which leaves many analysts to speculate a further drop in the price of the cryptocurrency.
Still, others are confident that Ripple (XRP) may rise and the story of it coming close to the $4 mark may repeat. If that is the case, a $10 investment in Ripple (XRP) today would return $150 (if XRP reaches $4 someday).
Meanwhile, the total market cap is down by more than $14 billion from yesterday and is now below the $200 billion mark – for the first time this year.
So, is it time to ditch Ripple forever – or the perfect time to buy XRP and hold it until it rises?
MoneyGram And Ripple Extend Their Partnership With $11.3 Million
"MoneyGram continued to expand its strategic partnership with Ripple as the first money transfer company to scale the use of blockchain capabilities."Nothing in the SEC filings state what Ripple's investment will be used for. Still, MoneyGram's agreement with Ripple has previously allowed it to use XRP and its blockchain product named ODL (On-Demand Liquidity) to facilitate cross-border payments.
"[MoneyGram] is compensated by Ripple for developing and bringing liquidity to foreign exchange markets, facilitated by Ripple's blockchain, and providing a reliable level of foreign exchange trading activity. The Company expects that this partnership, at scale, will reduce our working capital needs and generate additional earnings and cash flows."MoneyGram and Ripple already were in a financial tie. The two firms announced their partnership back in January 2018 when MoneyGram decided to integrate XRP into its payment system. In June 2019, we saw that the two firms entered into a partnership to collaborate on cross-border payments and foreign exchange settlements with digital assets. The blockchain news then showed that Ripple followed through with a $50 million investment, completed in November. Despite the close working relationship, not all money transfer methods are being handled by Ripple. Reports recently showed that MoneyGram unveiled FastSend, a service which allows for real-time money sending based on Visa. While Ripple is doing good by expanding its partnerships and actively improving its blockchain, the token is falling down just like many other altcoins. Right now, the Ripple news and XRP updates show that the coin is in a 8.33% decline, going to new levels at $0.2438 in the wake of a major selloff which occurred on the markets overnight. The total cryptocurrency market today is at $261 billion.
XRP Traders Turn Bullish, Price Could Reach $0.46: Analysis
“#Ripple CEO Brad Garlinghouse said that stressing compliance is key to getting bankers on board with #crypto. We don't need bankers to get involved in the crypto. Maybe he and his company do, but the space doesn't. Crypto doesn't need banks, because crypto will replace them.”Brad Garlinghouse was in an interview when he commented that there are too many crypto assets out there. There are about 3,000 different digital assets that are trading on a daily basis.
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