Ripple tumbled 12%, or $0.06 on Thursday to September 20 lows, marking the worst performance since June 10 amid a large-scale crypto selloff and after warnings by the IMF. 

As of 07:27 GMT, Ripple slumped 12.53% to $0.40801, with an intraday high at $0.46658, with Ripple's market value now receding to $40.7 billion. 

The sharp tumbles come under the pressure of new warnings by global financial institutions from the rapid growth in crypto assets. 

The International Monetary Fund warned that the growth in crypto assets could create new weak points in the international financial system. 

Ripple's official Twitter account announced the launch of the MoneyTap app developed in cooperation with  Japanese financial services giant SBI Holdings.

The app used Ripple's blockchain solution xCurrent to allow instant bank-to-bank transfers locally, with initial support from three Japanese banks. 

In other less positive Japanese news, the self-regulatory Japan Virtual Currency Exchange Association (JVCEA) is planning to tighten the measures related to client asset management. 

The JVCEA is a self regulatory group that includes several major licensed crypto exchanges in Japan, established in April, with the organization also planning to put a cap on the amount of cryptocurrencies managed online through any platform. 

Ripple CEO Brad Garlinghouse announced that three companies, namely MercuryFX, Cuallix and Catalyst Corporate Credit Union, are now using XRP for real cross-border payments for the first time, as a bridge currency.

Ripple was underpinned recently after Japanese financial services company SBI took regulatory approval to operate payment services in cooperation with Ripple.

The company stated: “SBI Ripple Asia is planning to register the electronic settlement and other settlement enterprises in order to properly implement electronic payments and other settlement aspects related to MoneyTap in the future.”

The Path of Ripple 

It's worth mentioning that Ripple was first launched on March 7, 2015, to start trading at $0.015, with the virtual currency losing nearly two thirds of its value by early 2016 to $0.0059, before rising 5% during 2016 to $0.0063, and then skyrocketing 28,000% to $1.748 by the end of 2017, before marking unprecedented highs in January at $3.30, then losing up to 90% of value on a violent selloff wave that stormed crypto assets this year. 

Now Ripple has recovered a considerable amount of its value last month in light of the latest news, which in turn boosted sentiment overall in the crypto market as the parent company expands services and operations with established financial institutions around the globe, before, as crypto selloff wave resumed this week. 

Silver futures rallied 2% in American trade away from September 27 lows as the dollar index backed off August 20 highs, following a stream of data from the US today. 

As of 05:54 GMT, silver futures due in December rose 1.95% to $14.61 an ounce away from two-week lows, while the dollar index tumbled 0.41% to 95.12, marking September 28 lows. 

US Inflation, Labor Data 

Other US data showed consumer prices rose 0.1%, slowing down from 0.2%, while core prices rose 0.1%, also missing estimates of 0.2%. 

On a yearly basis, consumer prices rose 2.3%, slowing down from 2.7%, while core prices rose 2.2%, below expectations of 2.3%. 

Unemployment claims rose 7 thousand in the week ending October 6 to 214 thousand, while continuing claims rose 4K in the week ending September 29 to 1.660 million.

US President Donald Trump renewed his criticism of the Federal Reserve's policy tightening, accusing them and the treasury secretary of making the most problems for America, even over the trade dispute with China. 

In a Pennsylvania rally, Trump said the Federal Reserve has gone "crazy" with its latest rate hikes, while noting that stocks are undergoing a normal correction after a succession of record highs. 

Otherwise, International Monetary Fund head Christine Lagarde expressed her support for China's moves to maintain the flexibility of its exchange rate, while noting the Fed's decisions shouldn't be considered "crazy". 

In another note, US Treasury Secretary Steven Mnuchin said he wasn't surprised by the sharp correction in the stock market, maintaining that the US economy's foundation are very strong despite what recent market volatility would've insinuated.  

On Sunday, the People's Bank of China cut reserve requirements for Chinese banks for the fourth time this year amid attempts to ease policies and bolster spending. 

The International Monetary Fund cut its forecasts for global growth for this year and the next for the first time in two years, with US and Chinese economies the most important downgrades alongside the euro zone due to rising trade protectionism. 

Oil futures slumped 3% in American trade away from four-year highs, after earlier data showed US inventories surged past forecasts last week. 

As of 05:30 GMT, US crude futures due in November fell 2.64% to $71.24 a barrel, while Brent December futures shed 2.76% to $80.80 a barrel, as the dollar index declined 0.39% to 95.14. 

US Inventory Build 

The Energy Information Administration released its report on US crude stocks, showing a build of 6 million barrels in the week ending October 5, adding to the 8 million build in the previous reading, with total stocks increasing to 410 million barrels, settling at five-year averages. 

Total gasoline stocks rose 1 million barrels, making them 7% above averages, while distillate stocks fell 2.7 million barrels, marking them 4% below averages. 

Otherwise, the Energy Information Administration cut its forecasts for global oil demand growth by 60 thousand bpd to 1.52 million bpd in 2018, while expecting growth to speed up to 20 thousand bpd in 2019. 

Oil prices are up 20% so far this year as OPEC and Russia carry on their agreement to cut global output to easy a previous supply glut, while the US withdrew from the Iran deal and sanctioned their oil exports.

US Oil Rig Count 

Baker Hughes, a US oil services company, reported a drop of two rigs in the oil rig count to a total of 863 rigs, the third weekly increase in a row. .

US output has recently risen to the second highest in the globe, taking the place of Saudi Arabia while Russia continues at the top with 11.21 million bpd. 

US Inflation, Labor Data 

Other US data showed consumer prices rose 0.1%, slowing down from 0.2%, while core prices rose 0.1%, also missing estimates of 0.2%. 

On a yearly basis, consumer prices rose 2.3%, slowing down from 2.7%, while core prices rose 2.2%, below expectations of 2.3%. 

Unemployment claims rose 7 thousand in the week ending October 6 to 214 thousand, while continuing claims rose 4K in the week ending September 29 to 1.660 million.

Sterling tilted higher in American trade away from September 10 lows versus the greenback, after multiples speeches by Bank of England Governor Mark Carney, and following earlier data from the US today. 

As of 04:59 GMT, GBP/USD rose barely to 1.3199, with a session-low at 1.3182, and the highest since September 21 at 1.3247. 

US Inflation, Labor Data 

Earlier US data showed consumer prices rose 0.1%, slowing down from 0.2%, while core prices rose 0.1%, also missing estimates of 0.2%. 

On a yearly basis, consumer prices rose 2.3%, slowing down from 2.7%, while core prices rose 2.2%, below expectations of 2.3%. 

Unemployment claims rose 7 thousand in the week ending October 6 to 214 thousand, while continuing claims rose 4K in the week ending September 29 to 1.660 million.