Ripple price news: XRP soars by $8BLLION as cryptocurrencies bounce back

RIPPLE’s price has bounced back after a disappointing week, surging more than 18 percent from Monday’s low of $1.16, according to CoinMarketCap.

The digital currency, known as XRP, is currently trading a staggering $8billion (£5.7billion) more than its lowest point yesterday.

Ripple’s market capitalisation now sits at north of $53billion (£38billion), though this is still far below its January 4 high of $148.8billion (£105.7billion).

Rivals bitcoin and Ethereum also shot up this afternoon, as the top-100 cryptos all experienced a welcome period of growth.

But Ripple has suffered a rocky start to 2018. After peaking at $3.84 earlier this month, it plummeted to well below $1 last week.

Experts blamed the crash on uncertainty surrounding the South Korean market, where the government is planning to ban the use of anonymous bank accounts to make transactions.

Joe DiPasquale, CEO of BitBull Capital, argued that this uncertainty has put investors off purchasing Ripple tokens.

He said: “With the massive dip we saw last week, it’s likely that investors who were shaken by the volatility – but smart enough not to sell at the bottom – are simply taking their profits while they can, or pulling out while they’re breaking even.”

Meanwhile, Colin Plume, president of Noble Alternative Investments, said Ripple will continue to swing up and down until its recent high-profile partnerships come into effect.



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