Ripple’s XRP crypto token is hovering around the $0.79 (£0.56) pricetag today after falling from $0.83 (£0.59) on Sunday.
The cryptocurrency suffered massive price losses along with other crytocurrencies Bitcoin and Ethereum last week, resulting in an XRP massive price drop of $12.9 billion on Friday.
Although XRP has recovered, the market remains uncertain today with rivals bitcoin and Ethereum also struggling, falling more than 12 percent and 13 percent in the last 24 hours respectively.
The CoinMarketCap crypto tracker below shows XRP’s price and market cap value in real time.
Here are all the latest Ripple updates from CoinMarketCap, CoinDesk and leading crypto experts. All times are GMT.
Monday, February 5
2.30am: Market expert claims that cryptocurrencies “are being battered”.
Jeff Koyen, the CEO of 360 Blockchain USA, declared that “the entire crypto market is being battered”.
Ripple is currently valued at 46p ($0.64).
12.00am: Ripple’s value dropped from roughly 81 per cent from the cryptocurrencies all-time high today.
The price fell to as little as 51p ($0.7129), this is significantly lower than its £2.75 ($3.84) value it reached last month.
11pm : Joseph Carey takes over live reporting from Sebastian Kettley
8pm: Ripple prices further tumbling to low $0.67
Ripple’s XRP token struck $0.67 per token, down 17.84 percent on the past 24 hours.
The world’s third biggest cryptocurrency is now down 80 percent on its its January 4 peak of $3.31.
Ripple’s market capitalisation took a similar hit and at $26 billion, is down more than $120billion on its January peak of $147billion.
Bitcoin once again fell below $8,000 on Monday, for the third time in four days. It wasn’t alone, though; the value of both ethereum and ripple fell sharply as we saw more than $60 billion in cryptocurrency erased from the market within 24 hours.
— Shelly Palmer (@shellypalmer) February 5, 2018
4.59pm: Banks avoid following Lloyd’s crypto ban
Lloyds Banking Group has stopped its customers from using cryptocurrencies such as bitcoin and Ripple, but other British banks have so far not announced plans to undertake similar measures.
The Royal Bank of Scotland, Barclays, Nationwide, TSB and Tesco have no plans at the moment to crackdown on crypto trade.
A spokesperson for Barclays said that the bank is “keeping this matter under close review”.
Lloyds meanwhile underlined: “Across Lloyds Bank, Bank of Scotland, Halifax and MBNA, we do not accept credit card transactions involving the purchase of cryptocurrencies.”
4pm: This is only ‘the beginning for cryptocurrencies’
Cryptocurrencies are far from dying a sudden death despite some recent drawbacks and we are yet to witness a try crypto renaissance, argued software engineer Priyeshu Garg.
The BTCManager contributor: “The current stagnation of the market is indicative of a process of evolution. There are market dynamics at play that are shaping the cryptocurrency market.
“After a certain period, the market will resume normal service, and the upward momentum will continue. Even though a sharp correction has taken place, the fundamentals have hardly changed in the past few months; if anything, they have improved.
“One thing is for sure, that is the cryptocurrency journey is only just beginning.”
Ripple price chart: The cryptocurrency is on a downward trajectory since the start of the month
3.50pm: Bitcoin investors might want to forget 2018, argues analyst
Pinches Cohen, analyst and contributor at Investor.com, urged BTC buyers not to hope for any major gains in the coming months.
He said: “If 2017 was the year of Bitcoin, when it rose from roughly $800 to $19,891 by mid-December, 2018 so far is looking more and more like the year Bitcoin traders may want to forget.
“If it took regulators something like two decades to regulate retail forex and five years to shut down binary options, they can’t afford a third screw-up.
“It’s understandable that Bitcoin’s unprecedented volatility and quick and sharp declines make banks leery of being left holding the (empty) bag.”
3.30pm: Ripple joins ranks with bitcoin cash and litecoin on RoboForex
RoboForex, a financial broker based in Belize, has expanded the number of visual currencies it support by adopting Ripple, bitcoin cash, dash and litecoin to its bitcoin and Ethereum trading services.
Denis Golomedov, CMO at RoboForex, said: “We always keep up with the time and provide quality access to a wide range of trading instruments.
“The current situation is that a large part of our clients are trading cryptocurrencies and we see high potential in them.
“This market is very attractive due to its volatility. It is growing and scaling very quickly, and more and more people are taking interest in it.
“To satisfy this demand, corresponding infrastructure and services are required, and RoboForex is systematically, step by step, implementing them for its clients.”
3pm: Sebastian Kettley takes over live reporting from Kat Hopps.
Ripple price chart: XRP is trading at $0.71 at 5.30pm GMT on Monday
1.40pm: SEC chairman to appear before US Senate Commission about cryptocurrencies
Cryptocurrencies face a big day tomorrow as the Senate Committee on Banking, Housing, and Urban Affairs meets to discuss potential regulation.
The heads of the Commodity Futures Trading Commission (CFTC) and US Securities and Exchange Commission (SEC) – J. Christopher Giancarlo and Jay Clayton respectively – will testify to the committee on their organisations’ oversight roles.
Price update: XPR is at $0.77 as of 1.34pm, while its total market cap had risen to $30 bililon.
12.40pm Price update: Ripple dips to $0.75
XRP is continuing its fall, dropping to $0.75 just before midday – a decrease of almost 17 percent in the last 24 hours.
In addition, Ripple’s total market cap fell from $31.8 billion at the start of today to $29.2 billion at 11.54am.
Bitcoin is down by 12.56 percent overnight, falling to $7,670 at 12.30pm.
12.30pm: Banks ‘probably worried about being liable for losses’ for cryptocurrency credit card payments, finance industry expert says
Greg Adams managing director of blokt.com says banks are under huge pressure right now after a rise in customers paying for cryptocurrency investments using credit cards.
He told Express.co.uk: “The banks are likely feeling the heat right now; they have customers that used debt to enter the market during the recent bitcoin bull run.
“Customers that entered at the top – close to $20,000 – using a credit card will be panicking seeing their investments down over 60 percent.
“The law regarding buying cryptocurrency on credit is a grey area and is in need of clarity.
“Banks are probably worried about being liable for losses.”
Ripple’s downward price trajectory over the last 24 hours is shown by this Coinranking
11.30am: China to block cryptocurrency data from search engines in firewall move, Fortune reports
China is reportedly stopping its citizens accessing websites that offer cryptocurrency trading services or initial coin offerings (ICOs), Fortune has said quoting Chinese media sources.
The business publisher said adverts have been “scrubbed from search engines” and social media sites in order to “prevent financial risk” after a ban on ICOs and domestic exchanges shutdown failed to stop people trading.
“Overseas transactions and regulatory evasion have resumed,” said an article published Sunday night by the People’s Bank of China-affiliated Financial News, as quoted by the South China Morning Post. “Risks are still there, fueled by illegal issuance, and even fraud and pyramid selling.”
11.10am: Ripple hovers just below $0.80
XRP is holding steady at $0.77 (at 10.54am) but remains well below $1, having lost nearly 15 per cent of its value in the last 24 hours.
In fact, the last time XRP was trading at $1 was at 3.54pm last Thursday.
10.10am: Bitcoin gets Royal approval
Bitcoin has been given the Royal seal of approval by the Crown Prince of Liechtenstein, who insists cryptocurrency “is something to look into more into in the future”.
The German-speaking state in Central Europe owes much of its wealth to its status as a tax haven, however, Liechtenstein is hoping to rebrand itself as a legitimate financial centre.
Speaking to CNBC, Crown Prince Alois said bitcoin and other cryptocurrencies could be one way to help restore his family’s weather after it was forced to sell its art collection after the Second World War.
The Crown Prince said: “Particularly with this whole new digital economy, it is something to look into more into in the future.”
9.30am: XRP slumps lower to $0.78
XRP continues to slide this morning.
Having opened today at $0.81, the currency wobbled over the last few hours but has been gradually dropping since 6am.
Things are not much better for other cryptocurrencies, with Bitcoin languishing at $7,986 and Ethereum at $819.93.
XRP dropped $5 billion in 24 hours after holding steady at the weekend
9.05am: Market woes as cryptocurrency purchases banned on credit cards
Lloyds Banking Group has become the latest lender to crack down on people buying cryptocurrencies on credit over fears of them getting into debt.
The banking giant, which includes Halifax, MBNA and Bank of Scotland, is thought to be the first one in the UK to ban its customers from buying Bitcoin on their credit cards.
US banks, including JP Morgan Chase, Bank of America and Citigroup have already forbidden their clients ito borrow cryptocurrency purchases on credit.
8.50am: Ripple price falls but CEO confident it is ‘dark horse’ of cryptocurrencies
Ripple is trading at $0.79 at 8.34am after remaining steady around the $0.80 mark for the last two hours.
Despite the digital currency’s diastrous week, Ripple CEO Brad Garlinghouse is confident that its value will soar because its fast payment process beats all other competitiors.
Mr Garlinghouse told NBC: “The reason why XRP is unique is, it settles in three seconds so I’m not taking risks on kind of volatilities, where bitcoin takes hours.
“We are a thousand times faster than bitcoin and a thousand times cheaper the bitcoin to settle a transaction.”
Despite ongoing battles with regulation, Ripple has secured new deals with telecom company IDT and international payment service MercuryFX.