News

Ripple Retreats After Strong Performance

0 Comments

Ripple is pulling back slightly after an extraordinary surge in the past week. The third most valuable cryptocurrency is now trading at $0.87 after losing about 1.5% of its value in the last 24 hours.

The digital asset started to slide on Sunday after a strong performance last week that saw it almost hitting $1. It was trading at $0.90 at 12 pm on Sunday.

Ripple

Its market capitalisation now stands at $34.2 billion adding about $10 billion from a week ago. Overall, it has gained over 36% in the last seven days despite the losses incurred in the last few hours.

Strong Performance

Last week, it was leading a resurgent market posting nearly 20% in intraday trading on Friday alone.

Ripple has been boosted by recent news that Banco Santander was using its xCurrent software to enable international transfers in at least four European countries.

The cryptocurrency market has largely remained green in the last seven days in what caught many by surprise.

The strong performance could in part be attributed to the passing of the US tax deadline. Many were fearing a huge sell-off as the April 17 deadline approached.

Bitcoin was just a whisker away from $9000 before making a slight retreat. It is now trading at $8,907 having lost 0.15% in the last 24 hours.

Bitcoin Cash posted the strongest performance today having gained 15% in the last 24 hours. Its value shot up rapidly in early morning trading. A unit is now trading  at $1,396 and a market capitalisation of $23.8 billion.

Ripple has particularly been hit by the general downward trend for much of this year. At its peak in January 4, it was trading at $3.71 according to data from CoinMarketCap. A year ago on April 23, the cryptocurrency was trading at just $0.03. This means it has gained over 2700% in value over the period.

Leave a Reply

avatar
  Subscribe  
Notify of
close-link

Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.

CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.

Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.

When trading in stocks your capital is at risk.

Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.