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XRP takes a tumble as cryptocurrency falls by more than 5%; bear market catches up

Akash Anand

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XRP takes a tumble as cryptocurrency falls by more than 5%; bear market catches up
Source: Unsplash

The bullish boost that the cryptocurrency market received on Monday, November 26, seems to have waned with the bear taking charge again. XRP, Bitcoin [BTC] and Ethereum [ETH] all saw significant drops, with the cryptoverse looking into the mouth of another bearish run.

XRP, which has been one of the few cryptocurrencies holding strong against the bearish forces, has not been able to defend itself this time, with the cryptocurrency falling at the rate of 5.66%. Ripple’s product was trading for $0.354, with a total market cap of $14.297 billion.

The cryptocurrency’s $951.300 million trade volume was mainly consolidated between three main cryptocurrency exchanges: Bitbank, ZBG, and Binance. Bitbank held the lion’s share of the XRP trade volume, encompassing $151.849 million of the total. Bitbank was closely followed by ZBG, which had a grasp on 11.59% of all the XRP trade traded in the cryptosphere.

XRP's 24-hour chart | Source; CoinMarketCap

XRP’s 24-hour chart | Source; CoinMarketCap

XRP’s fall surprisingly comes in the wake of developments in the space, with recent reports showing that XRP will be listed on Vertpig.com, a popular cryptocurrency exchange. The company had tweeted:

“As well as integrating EUR and GBP to Buy & Sell all coins Vertpig has listed. A big couple of weeks coming up, Make your next trade on Vertpig!”

Ripple, XRP’s parent company, has made it quite evident that the organization plans to cash in on the remittances market, with the main goal to improve the cross-border payments industry. The company has also created multiple partnerships with several established financial institutions such as Banco Santander.



Brad Garlinghouse, the Chief Executive Officer of Ripple, and Cory Johnson, the Chief Market Strategist of Ripple, have both been instrumental in the strides taken by all of Ripple’s products: XRP, xVia, xCurrent and xRapid.

Johnson has also made it clear that the main use case of XRP was instant payment settlement and heightened security. He had said:

“The World Bank said that the average cost of remittance was an all-time historical or low for humanity at 6.94%. The average business has a net profit margin of about 7%  but the cost of moving money across borders is about 7%. That means the average business has no business in being global.”





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

XRP

Ripple: SCB Thailand asks crypto-enthusiasts to wait for announcement regarding XRP adoption

Namrata Shukla

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SCB Thailand asks crypto enthusiasts to wait for announcement regarding XRP adoption
Source: Pixabay

The nascent field of cryptocurrencies has been seeking major mainstream adoption, especially from financial institutions. Ripple, the native company of the third largest cryptocurrency, managed to promote its services and would provide payment services to the oldest Thai bank, Siam Commercial Bank [SCB].

The bank however, has not confirmed whether it would be making use of XRP. The Bank had informed its approach towards blockchain technology in various industries and the XRP community rejoiced after rumours of XRP adoption surfaced. However, when a Twitter user asked about the bank using XRP, SCB replied,

“We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.”

However, another Twitter user, @_bjb, jumped the gun when he saw the following on SCB,



The user then shared that when he went to use the service, he was informed that the service will be available soon. SCB Thailand apologized for the inconvenience through a tweet and informed all users,

“The information about ripple transfer will be announced soon, we are sorry for the inconvenience.”

The bank also stated that at the moment, it was using Ria Ripple transfer for banks in Japan and that users and crypto-enthusiasts will have to wait for an official announcement.





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