XRP up nearly $7BILLION today as bitcoin and Ethereum rally

Ripple’s XRP token entered the market today, trading at $1.21 (£0.87), after the token struggled to make any substantial gains on Monday.

The cryptocurrency’s market capitalisation reached nearly $65.7billion on Friday January 19, before sliding over the weekend to about $46billion this morning.

But a strong Tuesday performance has seen Ripple rocket some $7billion to more than $53billion at 6.40pm.

Rivals bitcoin (BTC) and Ethereum (ETH) have also suffered a rocky start to the week, both plunging by more than 10 percent in the last 24 hours as of 10.12am.

Here is all the latest Ripple news and price updates from CoinDesk, CoinMarketCap and leading crypto experts. All times GMT.

The CoinMarketCap price tracker below shows the XRP’s value in real time.

Wednesday January 24, 2018

01:30am: Bitcoin’s sharp decline in January is not out of the ordinary and has been credited to a sharp rise of South East Asian residents selling off the cryptocurrency to raise money for the lunar year, an economics lecturer has claimed.

Gavin Brown, from Manchester Metropolitan University, declared that South Korea and China, two areas where bitcoin is incredibly popular, could be a reason for the sharp decline in market value for bitcoin in January.

Mr Brown added that bitcoin owners in the region could be selling off their prized coins to make a fortune to spend on celebrations to mark the event.

Bitcoin is no stranger to seeing a sharp decline in the month of January – last year the currency rose by only 0.51 per cent while 2016 and 2015 saw decreases of 12.7 per cent and 27.3 per cent respectively.

10.50pm: Ripple’s market cap is hovering around the $54billion mark as the cryptocurrency looks to finish the day strongly.

9.23pm: Dogecoin creator warns crypto ‘dumb money’ craze is a bubble

Ripple, bitcoin and other cryptocurrencies are becoming filled with “dumb money” as people blindly jump on the crypto bandwagon, according to Dogecoin creator Jackson Palmer.

Speaking to Bloomberg, he said: “I think it’s not something we didn’t expect.

“I think whenever you see a huge exponential rise in the price of something overnight with very little technical development or announcements coming out, it can be a sign of a bubble.

“You can expect a correction in any market that happens so I think that’s what we’ve been seeing a lot lately.”

8pm: Ethereum flirting with $1,000 mark

The second biggest cryptocurrency, Ethereum (ETH), is hovering just below $1,000, though it could break back through the barrier today if its growth continues.

Ethereum’s market cap sits at about $96.6billion – far less than its all time high of $136billion

7.31pm: Swiss church now accepts crypto donations

ICF Zurich, an evangelical church from the largest city in Switzerland, has started accepting donations in a variety of cryptocurrencies, including Ripple, bitcoin, Ethereum, Stellar and Bitcoin Cash.

The church’s spokesman Nicolas Legler, told Swiss news agency Idea: “Cryptocurrencies will be implemented, be it Bitcoin or other currencies controlled by the State.

“We are convinced that this technology will soon belong to our daily lives.

“Twenty years ago, no one would have believed that internet would determine our lives so much.”

6.50pm: Economist demands cryptocurrency regulation

Economist Joseph Stiglitz warned bitcoin “must” be regulated to stop money laundering and questioned why people want hold the digital currency.

Speaking to Bloomberg, he said: “We have a good medium of exchange, called the dollar, we can trade in that.

“Why do people want a bitcoin? For secrecy.

“Why need it? We have a perfectly good currency. We are moving towards an electronic payments mechanism.

“I would like us to move more towards an electronic payments mechanism but you don’t need a bitcoin for that.”

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