Ripple dips 2% after JPMorgan classifies cryptocurrencies as high-risk

Ripple shed over 2%, or $0.02 on Wednesday on track for the second monthly loss in a row, despite a rebound from December 22 lows earlier this month on short-covering operations, which in turn came after tumbling 80% away from record highs hit earlier this year at $3.30 on global official clampdown. 

 As of 06:37 GMT, ripple slid 2.27% to $0.90399 from the opening of $0.92544, with a session-low at $0.88601, and a high at $0.94605. 

JPMorgan & Chase, the largest US bank in assets, classified cryptocurrencies as high risk in its most recent yearly report to the SEC, describing cryptocurrencies as "competition" as investments grow sharply in them. 

JPMorgan said cryptocurrencies represent a threat to banking systems, especially amid high risk payments and other financial services, which would force banks to spend more on security to develop its own competing services and attract clients again. 

JPMorgan noted that while advanced technologies represent challenges to banks, it could lead to negative pressures on prices and cut their market value as competition grows everyday and brokers take their slice.. and on another note, ripple's market value has now fallen to $89.4 billion.