Ripple opened at $3.36 on Monday but its value has fallen by more than 40 per cent and it is now trading just below $2, according to CoinMarketCap which tracks real-time prices.
The latest drop in Ripple’s currency XRP has pushed its market capitalisation down to $66 billion, allowing Ethereum go further into the lead as the second biggest cryptocurrency.
Ripple has now lost its second spot behind bitcoin after managing to hit an all-time peak of around $3.84 on Thursday and soaring an incredible 35,000 percent in 2017.
Here is the latest news and price updates on Ripple mania.
7.30am: Ripple XRP price continues fall as Bitcoin value plummets
The price of Ripple has fallen further by 5.25 percent over the last 24 hours and the price stands at $1.73 (at 7.35am).
It comes as Bitcoin experienced a 10 percent tumble after South Korea announced plans to ban trading of the cryptocurrency.
South Korean authorities raided the country’s largest cryptocurrency exchanges — Bithumb and Coinon — earlier on Tuesday ahead of its announcement, which has rattled the markets.
Justice minister Park Sang-ki said: ”There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges.”
9.50pm: Ripple is setting its sights on Asia
Ripple, the company behind the popular XRP token, is now targeting Asian markets to expand its international reach.
Asheesh Birla, VP of product for Ripple, said: “It would be helpful to think of Ripple as a corporation.
“We make software products and we sell them to banks, payment providers like MoneyGram, just as an example.”
Mr Birla said that Asia is big and innovative market that could be great opportunity to Ripple.
He added: “They have a bigger risk appetite. We have a big emphasis in India and Japan. In the US market it has been a little bit slow to be honest.”
9pm: Sebastian Kettley takes over live reporting from Joe Tambini
Ripple price news: XRP has fallen to $1.73
Billionaire Warren Buffet has warned that digital currencies such as Ripple and bitcoin are “certain” to come to a catastrophic end.
Speaking to CNBC, the CEO of Berkshire Hathaway said: “In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending.”
Mr Buffet added that bitcoin will not be a currency Berkshire Hathaway would invest on in the future.
He said: “We aren’t, believe me. We don’t own any and we’re not short any and we don’t have a position in them.”
6pm: Ripple became ‘overvalued’, says expert
Joe DiPasquale, CEO of BitBull Capital argued that Ripple crashed because it was “overvalued”.
He told Forbes: “Its price initially spiked because sentiment was high; there were rumours of additional deals with big banks and its token, XRP, being listed on Coinbase.”
“When those didn’t materialize, sentiment turned, and investors started dumping after it hit $3.”
4.40pm: Ripple pushes back above $2
XRP has just pushed back up above the $2 mark after falling to 50 percent of its current value.
Ripple’s cryptocurrency opened at £2.48 ($3.36) on Monday but dropped to just £1.42 ($1.92) per token earlier today – 50 percent lower than its January 4 high of £2.84 ($3.84).
Latest figures show XRP has clawed back some ground over the past hour, but it is not clear whether the trend will last.
Ripple price news: XRP has pushed back over $2 in the past hour
4.01pm: Ethereum rising despite overall cryptocurrency collapse
Ethereum (ETH), which is the second biggest digital currency on the market, is bucking the overall trend by strengthening today.
With its price up about 12.5 percent on the dollar, Ethereum is pulling away from Ripple, which still sits in third place.
A single ETH token is now worth more than £960 ($1,300), according to CoinMarketCap.
3.20pm: TransferWise “considering” using Ripple
Replying to a query on Twitter, money sending service TransferWise has said it is open to using Ripple in the future.
The company tweeted: “We’re not using Ripple tech right now, but not ruling out the possibility – always considering new ways to make TransferWise better for customers.”
2.17pm: Bitcoin also experiencing depreciation
Like Ripple, cryptocurrency titan bitcoin (BTC) is falling today.
Latest figures show that bitcoin has dropped nearly four percent in the past 24 hours and more than 5.4 percent over the past seven days.
Bitcoin is still worth more than £10,000 ($14,000), though this is far below the end of last year when the BTC was pushing past £14,8000 ($20,000).
Ripple price news: Bitcoin has also depreciated over the past seven days
1.10pm: Ripple cryptographer slams bitcoin for ’deliberately misleading’ XRP attack
David Schwartz, Ripple’s chief cryptographer has criticised bitcoin for publishing what he called “the most deceptive and misleading article about Ripple and XRP that I have ever seen.”
The original piece, which was written for Bitcoin News, accused Ripple bosses of wielding the power to freeze the movement of XRP.
The article said: “If true, it would be a major cause for concern, especially for proponents of decentralised currency.”
Mr Schwartz hit back in a Quora post in which he claimed: “Nobody can freeze XRP”.
He wrote: “The article is deceptive and dishonest at a shocking level. It’s gateways that can freeze funds, not Ripple.
“The vast majority of XRP users don’t use Ripple gateways at all. So it doesn’t affect them. Nobody can freeze XRP.”
1pm: Joe Tambini taking over live reporting from Alice Foster.
11.21am: Ripple live price tracker shows the latest price
The CoinMarketCap currency tracker above shows the latest XRP price in real time. WHY IS THE RIPPLE PRICE CRASHING?
11.20am: Ripple market cap plummets further
The market cap of Ripple has fallen from just under $120 billion on Monday to less than $74 billion as of 11.20am today.
Meanwhile, the market cap of Ethereum remains above $125 billion and bitcoin is still above $235 billon.
10.10am: Bitcoin dips but Ethereum unmoved
The price of bitcoin has dipped below $13,800 after falling almost 10 per cent over the past 24 hours.
Ethereum is unmoved, rising very slightly to almost $1,320. LIVE TRACK: BITCOIN PRICE LIVE
Ripple price news LIVE: The latest price chart for Tuesday and Wednesday
10.05am: Rally in Ripple was ‘way overdone’
Investor Bill Miller told CNBC that the rally in ripple was “way overdone” as the cryptocurrency craze continues.
He said: “You see these waves of enthusiasm run through for various kinds of things. Ripple being the most recent one…
“But if you look at something like a Ripple, that’s way overdone let’s just say.
“The XRP doesn’t have to be used on the Ripple network, you can use other kinds of things.”
CoinMarketCap says there are just over 38 billion tokens in circulation.
But Mr Miller said that there are actually about 100 billion because the company has kept 61 billion on its own balance sheet.
9.01am: Latest price chart shows fall in Ripple
The latest Ripple price chart shows that Ripple is continuing to fall.
9am: Alice Foster taking over live reporting from Sebastian Kettley
Tuesday January 9
Midnight: Kodak stock price jumps 125 per cent after Ripple rival launch
Kodak’s stock has shot up by an astonishing 125 per cent following their cryptocurrency announcement.
The camera company saw the value rise after announcing a new crypto token to help photographers “assert control over their work”.
Ripple price news LIVE: Kodak CMO Steven Overman speaks about the new cryptocurrency at CES 2018
8.40pm: Kodak launches cryptocurrency rival to Ripple and bitcoin
The legendary camera-maker has partnered with WENN Digita to launch KodakOne and KodakCoin.
Riding the wave of Ripple and bitcoin’s popularity, the new crypto token will let photographers register work which they can then license for crypto payments.
Kodak CEO Jeff Clarke said: “For many in the tech industry, ‘blockchain’ and ‘cryptocurrency’ are hot buzzwords, but for photographers who’ve long struggled to assert control over their work and how it’s used, these buzzwords are the keys to solving what felt like an unsolvable problem.
“Kodak has always sought to democratise photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that.”
8.10pm: Tinder users confused by launch of Ripple platform
A group of former Tinder employees, under the wing of Tinder’s original CTO Ryan Ogle, have launched a new professional networking app named Ripple.
The spin-off app aims to be the first mobile alternative to the popular LinkedIn networking site, but the choice of app name left many people scratching their heads.
Entrepreneur Troy Osinoff posted on Twitter: “Tinder just released a networking app called ‘Ripple’.
“I guess they didn’t realise there was $118 BILLION market with the same name dominating the news?”
8pm: Sebastian Kettley takes over live reporting.
7.09pm: Ripple CEO pledges to keep ‘working with the system’
In an interview with Fox News, Ripple boss Brad Garlinghouse said he has no intention of cutting ties with established financial services.
He said: “Ripple has really been very proactive in working with financial institutions, working with the banks, with the payment providers.
He added: “We are going to keep working with the system because I think the early days of bitcoin are all about down with government and down with banks.”
READ MORE: RIPPLE CEO SAYS CRYPTOCURRENCY IS THE FUTURE
Ripple price news: Brad Garlinghouse has said Ripple is the future of currency
6.38pm: Ripple CEO ‘glad’ to see Dimon retract bitcoin ‘fraud’ comment
Brad Garlinghouse has commended JP Morgan boss Jamie Dimon for taking back his previous comment that bitcoin was a “fraud”.
The Ripple boss tweeted: “The importance of education in action: lots of FUD [fear, uncertainty, doubt] around crypto that is unfounded because the loudest voices aren’t always the best informed.
“Always glad to see when someone has the fortitude to admit their mistake.”
In an interview with Fox Business earlier today, Mr Dimon said he regrets having called bitcoin a “fraud” but said he is still not interested in cryptocurrency.
Ripple price graph: Ripple has stalled over the past 24 hours
5.37pm: XRP ‘tipbot’ created for Reddit
A Ripple tipbot has been created for Reddit, allowing users to send XRP to each other through Reddit comments.
To start tipping XRP, you have to first deposit XRP to your XRPTipBot account. Visit XRPtipbot.com for more information on how to get started.
5.17pm: Ripple could benefit from mainstream use, expert claims
Crypto investor and consultant Jason Grant told Express.co.uk that XRP could start closing the price gap on bitcoin if it was adopted by mainstream financial services like VISA.
He said: “Ripple is the most likely cryptocurrency to be adopted formally by networks such as VISA and MasterCard as well as central banks.
“Ripple is a defacto ‘crypto fiat’. As such ripple isn’t a competition to Bitcoin but serving almost a completely different purpose.
“Ripple price can reach as far as $100 at some point if ripple is formally adopted by VISA.”
Ripple price news: XRP will catch bitcoin when it reaches £5
4.19pm: Ripple returns to New Year prices
XRP is has dipped back to $2.31, which about the same price it was trading at on the first day of the year.
In the past week, Ripple has shown continued signs of volatility, jumping to $3.84, before plunging back to about $2.30 – a drop of about 40 percent.
3.40pm: Ripple will be bigger than bitcoin when it hits £5
XRP needs to hit $6.80 (£5) for its market cap to push past that of bitcoin, it has emerged.
Ripple has faltered in recent days though an overall increase of more than 35,000 percent in the past year suggests another surge is not beyond the realms of possibility.
The digital currency currently has a market cap of about £63.4 ($85.7billion), far behind bitcoin, which sits at about £182.5billion ($246.7billion).
Read more: RIPPLE’S BITCOIN CHALLENGE
3.17pm: JP Morgan boss takes back bitcoin ‘fraud’ comment
JP Morgan Chief Executive Jamie Dimon regrets having called bitcoin a “fraud” but would still not be interested in the cryptocurrency, he said in an interview on Fox Business today.
His retraction comes after he slammed the cryptocurrency back in September 2017, when he said: “The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.”
Bitcoin and many other digital currencies, including Ripple, went on to surge in the latter stages of last year.
Ripple price news: Seagate stock surged after rumours came out the company had invested in Ripple
Steven Nerayof, co-founder of Ethereum, the second biggest digital currency on the market, has warned that alternative currencies will soon start catching up with bitcoin (BTC).
Speaking to CNBC, he said: “There are some other platforms and other protocols that are out there and plus bitcoin itself is having another platform that will be coming on it which is called Rootstock and that could offer some competition too.”
Mr Nerayof went on to compare the current crypto market to that of personal computers in the 1970s.
He said: “So I would think that it’s kind of similar to the days where Apple in the 70s had the gargantuan market share, and then IBM came in and started competition.
“So we haven’t hit that moment yet but there is some competition coming.”
Ripple price news LIVE: The latest price graph for Ripple
1.37pm: Seagate stock jumps after Ripple investment rumours
Shares in computer drive manufacturer Seagate Technologies leapt 11 percent yesterday after rumours spread that the company owned about £57.7billion ($7.8billion) worth of Ripple’s XRP coins.
Financial services company Seeking Alpha reported that Seagate may own more than 4 percent of all XRP holdings on the market.
Seagate stock jumped from £31 ($42) to £35.5 ($48) on Monday, though this has since slipped back to £34 ($46).
The craze for Bitcoin and other cryptocurrencies like Ripple will grow into a “social phenomenon” in 2018, Jehan Chu, managing partner at Kenetic Capital said.
He told Bloomberg: “I think what we’re seeing in 2018 is really the year of bitcoin and cryptocurrency becoming a social phenomenon and that’s different.”
Noon: Ethereum co-founder predicts ‘consolidation after a crash’
Ethereum co-founder Charles Hoskinson said the cryptocurrency market will strengthen after bitcoin alternatives that lack substance fail.
“My personal opinion is that we’re going to see a consolidation after a crash,” Charles Hoskinson told CNBC in an interview Friday.
Ripple price news LIVE: The latest news and updates on Ripple
11.55am: Ethereum in second place behind bitcoin
Ethereum remains in second place behind bitcoin after its market capitalisation continued to rise above $117 billion.
Meanwhile, Ripple’s market capitalisation fell below $91 billion. Bitcoin is steady at almost $250 billion.
11.50am: Ripple price sinks after exclusion of South Korean data.
Ripple and Bitcoin sank on Monday after CoinMarketCap removed prices from South Korean exchanges from its calculations of digital currency rates without any warning,
Traders said XRP was the most severely affected by CoinMarketCap’s removal of South Korean prices because it was trading at a 50 percent premium in that country.
11.45am: Ripple price drop confusion sparks sell-off
The exclusion of data from South Korean exchanges, where virtual currencies trade at a wide premium, has sparked confusion and a broad selloff.
“Every crypto is priced at a 30 percent premium in South Korea,” said Greg Dwyer, head of business development at cryptocurrency derivatives exchange BitMex.
“By removing that, it looks like the market cap fell by 30 percent and so people rushed to sell because they’re not sure what’s happening.”
11.40am: Ripple chief cryptographer: ‘Don’t be misled’
David Schwartz, chief cryptographer at Ripple, tweeted: “Coinmarketcap’s decision to exclude Korean prices from the displayed XRP price made the price appear to drop, likely triggering some panic selling.
“Look closely at the data and don’t be mislead.”
The Ripple Twitter account posted: “For those asking us about the recent price fluctuation, @coinmarketcap has excluded Korean exchanges from their pricing averages.
“This change applies to all of their listed digital assets, not just $XRP.”
11am: Joe Tambini starts live reporting.