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Market crash: XRP, Litecoin [LTC] slump by 9% and 12%; support-level breach possible

Priyamvada Singh

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Market crash: XRP, Litecoin [LTC] slump by 9% and 12%; support-level breach possible
Source: Pixabay

Today, the cryptocurrency market looks more than depressed as all the top-10 coins continue to slump at a ferocious rate. From Bitcoin [BTC] to Tron [TRX], all the coins have plunged by at least 9%. Here, XRP, the second-largest cryptocurrency, is showing a downfall of 9.5%, while the ninth-largest coin, Litecoin [LTC] has gone down by 12%.

The credit for the crash could be given to the hard fork of Bitcoin Cash [BCH] that has led the market into such doom. In the third week of November, Bitmain, the largest mining player in the space, shifted its focus from the BTC ecosystem to handle the BCH war with its opponent, Craig Wright, and nChain.

When Bitcoin began to crash, the coins in its correlation crashed along with it. Since then, the cryptocurrency market has not seen much of the bull as the bearish run does not want to take a leave.

At the time of writing, XRP was trading at a depreciated price of $0.3, with a market cap of $12.3 billion. The 24-hour volume is set at $619.2 million.

XRPUSD 30-minute candlesticks | Source: tradingview

XRPUSD 30-minute candlesticks | Source: tradingview

When the 24-hour cycle began, XRP was trading at a fair price of $0.34, where its market cap was $13.7 billion. However, the coin saw an elimination of almost $2 billion in the market cap in just a day wherein the lowest cap was recorded at $11.9 billion with the trading price of $0.29.



As of Litecoin, the coin is currently trading at $26, with a market cap equivalent to $1.5 billion. Here, its total trading volume in the past 24 hours was observed to be $453.7 million.

LTCUSD 30-minute candlesticks | Source: tradingview

LTCUSD 30-minute candlesticks | Source: tradingview

During the 24-hour cycle, the cryptocurrency touched a high of $30, with a market cap of $1.8 billion but soon crashed down to trade at $25 where its market cap was recorded at $1.5 billion. Therefore, LTC saw a total wipeout of at least $300 million in its market cap over the period of a day.





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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: XRP Tip Bot creator reveals plans to get European banking licence; nicknames it ‘legacy network’

Akash Anand

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XRP: XRP tipbot creator reveals plans to get European banking licence, nicknames it 'legacy network'
Source: Pixabay

A vast majority of cryptocurrency organizations have been trying to integrate digital assets with the existing financial system. Ripple has been a prime example of this process, with the Brad Garlinghouse-led company announcing multiple partnerships with mainstream banks and other fiat-enabled bodies. Ripple’s affiliation with XRP, the third largest cryptocurrency in the market, is also reflected in XRP’s focus on cross-border transactions and creating an easy global payments system.

Wietse Wind, Creator of the XRP Tip Bot, gave another major push to XRP’s cause after he revealed that he was trying to obtain a banking license for XRP Tip Bot, which will make it mainstream in the world of finance. During a recent XRP meetup, Wind said,

“There’s been a lot of FUD around XRP and Ripple and such and we want to show that we are working towards something really awesome and useful. We are planning to get real licenses for tipbot so that we go mainstream. Granted we are still in the early stage but we are doing our very best to make it happen. Our next step is to get a European banking license and maybe call it the ‘legacy network’. Let’s see where we can get in a few years.”

The news spread like wildfire in the XRP community and a majority of the ‘XRP army’ could not contain its excitement. Tiffany Hayden, a popular XRP proponent, tweeted,



“The BIG news from yesterday’s $XRP meetup is that @WietseWind is in the process of obtaining a banking license for @[email protected] is going to bridge the legacy network! Don’t fight the old, build the new!”

Ripple’s technologies have been slowly but surely getting nods from institutions, as shown by Bitstamp, an xRapid payments-facilitated exchange getting a BitLicense from the New York Department of Financial Services [DFS].

Linda A. Lacewell, Acting Financial Services Superintendent of New York State Department of Financial Services [DFS] had said,

“We are pleased to welcome Bitstamp to New York’s growing virtual currency marketplace. A regulated industry protects customers while supporting innovation and ensuring our financial services sector is a vibrant part of New York’s economy.”





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