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Flash crash: XRP plunges by 12.39% in one hour; tables have turned across the board

Priyamvada Singh

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Flash crash: XRP plunges by 12.39% in one hour; tables have turned across the board
Source: Pixabay

The second-largest cryptocurrency XRP, has shown wild fluctuations in its market performance. The coin plunged unexpectedly low within the span of an hour today wherein it was down by 12.39%. At press time, XRP is trading at a depreciated price of $0.42 with a market cap as low as $17.1 billion. The 24-hour trading volume is recorded at $1.3 billion.

XRP 1-hour candlesticks | Source: tradingview

XRP 1-hour candlesticks | Source: tradingview

XRP has just broken its previously formed support at $0.43, which is evidencing towards a deep cut in the price trend of the cryptocurrency.

Ripple’s native cryptocurrency is the only one that has been acting out of relation with Bitcoin [BTC] and other fellow altcoins and is highly volatile at the moment. Just an hour ago, the altcoin was colored in green and up by 0.28% where it was trading at a healthy price of $0.48 where its market cap was above $19 billion. In a matter of an hour, XRP experienced a wipeout of over $2 billion.

As the change in market cap is so rapid, XRP could face several consequences, wherein a major threat is the loss of its second position that can be reclaimed by Ethereum [ETH] if the drop continues.

Regarding the bear market, John McAfee, a tech entrepreneur who takes a keen interest in the speculative cryptocurrency world, wrote on Twitter:

“People have panicked. But there’s no fucking need. We’re in a bear market. They suck, yes, and not like a hooker with no teeth. But I’m 73 and have seen this dozens of times in many markets. Bear markets are like Winter. It’s always followed by a glorious Spring. Fucking relax.”





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

XRP

XRP TipBot comes back online after a tiny downtime; Nothing to be worried about, says Wietse Wind

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XRP TipBot goes online after a tiny downtime
Source: Unsplash

XRP TipBot’s website and the corresponding application suffered a downtime on June 23, 2019 for a few hours, during which the application wasn’t showing the balance of users. The website and the API for TipBot instead, displayed a “500 Internal Error.”

A Twitter user, @BlueNETGaming, tweeted Wietse Wind, inquiring the same. Wind confirmed that it was just an “infrastructure blip,” and that there was nothing to be worried about.

Wind tweeted,

XRP TipBot is probably the first and most widely accepted use-case of XRP. It leverages the transaction settling time of XRP Ledger to make tipping easy among peers on Twitter, Reddit, and other platforms, and this was the brainchild of developer Wietse Wind.

After TipBot, a lot of other cryptocurrencies have tried to mimic this idea of facilitating tipping; an example being Bitcoin’s, Tippin.Me which leveraged Lightning Network for tipping users. Although successful, it isn’t as popular as Wind’s TipBot.

The reason behind the same is that XRP Ledger allows transaction settlement in under 5 seconds, which makes tipping fast and efficient, unlike Bitcoin’s transactions which take a few minutes for transactions to be confirmed.

This is same reason why XRP is being used as a liquidity provider for cross-border payments in Ripple’s proprietary product, xRapid.

XRP community is a tightly-knit community with people who are very bullish about XRP’s success. There are equally talented developers in the community who are developing apps that help create more use-cases for XRP.

SchlaubiDev is one such developer known for developing plugins for Gmail and Microsoft Office, plugins that allow a user to send XRP over e-mails.

Ripple has identified Wind and his team’s talent and inducted them into Xpring, which finances them to help develop more community-based apps for increasing XRP use-cases.





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