Ripple drops and doesn’t seem to recover

Despite its recent positive development, Ripple fell by 28,35% during last week
23 October 2017   3368

Ripple, being the cryptocurrency with the third largest market capitalisation in the world after Bitcoin and Ethereum, seems to sweepingly lower in price.

Ripple coin development charts
Ripple Charts

Ripple was developing optimistically for a long period of time, continuously rising in price, expanding Ledger ecosystem to 55 validator nodes, doubling the size of its network. The cryptocurrency successfully entered China market and saw a 40% climb in August 2017, having its daily volume top $2.3 billion. 

It continued its adaptation to Asian market by opening office in Singapore and achieving the market cap of $7.8 billion. 

Despite the above mentioned optimistic development, Ripple’s price started moving down recently, for instance it lost more than 13% in the beginning of last week and it remains unstable and continues to decrease. 

On October 19th it lost about 6% in 24h after Yuki Takenaka, the operator of Ripple Trade Japan, was arrested on suspicion of fraud.

At a conference Swell: The Future Is Here, hosted by Ripple from October 16-18 in Toronto investors were waiting for any serious announcements from the company about its partnerships or innovations, but there were no significant XRP-related news and even the announcement about Ripple’s partnership with Gates Foundation did not help the price of XRP climb up.

Thus, the coin price is facing obstacles on the way to rise, currently remaining at the point of $0.1957, which is way too far from the highest price it had in May 2017 costing $0.4292, and it’s hard to predict if it will recover its positions in the nearest future.

Ripple to Acquire Algrim

Algrim is an Icelandic cryptotrading company and Ripple is sure that Iceland will become one of the biggest RippleNet development centre
30 September 2019   118

California-based fintech startup Ripple hopes to step up operations in Europe with the acquisition of Icelandic crypto trading firm Algrim.

Ripple representatives emphasized that Algrim will play a key role in developing products that provide on-demand liquidity. These products are intended for cross-border payments and are based on the XRP token, which has long occupied the third line of CoinMarketCap.

The company is confident that Iceland will become one of the most important development centers contributing to the development of the RippleNet. Also, representatives of a California startup promised to attract more technical specialists to the new office.

Information about the transaction amount is not disclosed.