Ripple tumbled about four percent, or $0.02 on Friday, resuming the sharp decline after a 6% drop on Wednesday to October 15 lows amid a violent crypto selloff. 

As of 07:59 GMT, Ripple fell 4.00% to $0.47006, with a session-low at $0.4650, and a high at $0.495, with Ripple's market value now receding to $18.80 billion. 

Ripple is down 8% this week, heading for the first weekly loss in three weeks amid an exodus of cash from the crypto market, with some experts pointing to uncertainty surrounding Bitcoin Cash as a contributor to the latest upheaval.

Earlier this week, International Monetary Fund head Christine Lagarde suggested on global central banks and their respective governments the possibility of issuing their own digital currencies to make them more stable and controlled and accessible for all sectors instead of the current mayhem in that market. 

Lagarde believes that payments through digital currencies would be instant, safe, and cheap, and while they would be anonymous, central banks will keep a database of all payments, cutting out fraud and money laundering operations. 

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. 

Ripple then reversed nearly 80% higher in only a few days in September on positive news for the cryptocurrency and its standing between major financial institutions, before joining a mass decline in the crypto market in recent days and weeks. 

Silver futures rose nearly one percent in American trade off January 2016 lows, as the dollar index backed off January 2017 highs, following earlier industrial data from the US today. 

As of 07:54 GMT, silver futures due in December rose 0.72% to $14.37 an ounce away from early 2016 lows, while the dollar index slid 0.42% to 96.52 away from early 2017 highs. 

US Data 

Earlier US data showed industrial production rose 0.1% in October, slowing down from 0.2% and missing estimates of 0.2% as well. 

The Capacity Utilization Rate fell to 78.4% in October from 78.5%, still edging estimates of 78.3%. 

In earlier remarks, US President Donald Trump expressed hopes for reaching a trade deal with China, however the US might resort to imposing further tariffs on China if both sides failed to reach an understanding, as markets await a summit between Trump and his Chinese counterpart Xi Jinping on the sides of the G20 Summit in Argentina. 

In a speech yesterday in Dallas, Federal Reserve Chair Jerome Powell expressed his content with the the economy's current strength and his opposition to trade protectionism due to its harmfulness to the economy.   

Powell noted how setting the pace of interest rate hikes is one of the main future challenges facing the Federal Reserve, especially as the global economy is expected to slow down slightly soon. 

In Madrid, Federal Reserve Bank of Atlanta President Raphael Bostic asserted the importance of bringing the monetary policy back to neutral status, with a gradual pace the best method to do so.

Oil futures rose in American trade, while still on track for the sixth weekly loss in a row, the longest such streak of losses since the second half of 2015, while the dollar index backed off January 2017 highs for the third session out of five, following earlier data from the US, the world's largest oil consumer and producer. 

As of 06:29 GMT, US crude futures due in December rose 0.48% to $56.73 a barrel, while Brent January futures added 0.53% to $66.97 a barrel, as the dollar index declined 0.49% to 96.45 away from early 2017 highs. 

US Data 

Earlier US data showed industrial production rose 0.1% in October, slowing down from 0.2% and missing estimates of 0.2% as well. 

The Capacity Utilization Rate fell to 78.4% in October from 78.5%, still edging estimates of 78.3%. 

US Inventory Surge 

The Energy Information Administration released its report on US crude stocks, showing a build of 10.3 million barrels in the week ending November 9, adding to the 5.8 million build in the previous week, while analysts expected just 2.9 million, with total stocks now up to 442 million barrels, making them 5% above five-year averages. 

Gasoline stocks rose 1.4% million barrels, making them 7% above averages, while distillate stocks, including heating fuel, fell 3.6 million barrels, making them 8% below averages. 

On another note, US President Donald Trump issued financial sanctions against 17 major Saudi nationals in response to the death of journalist Jamal Khashoggi, after the Saudi authorities officially sought the death penalty for 11 individuals accused of murder, rattling the market to a certain degree. 

OPEC President and UAE energy minister Suhail Al Mazroui expressed his confidence that OPEC and its allies will work on preventing an inventory buildup next year, noting how output has surpasses expectations recently, requiring a change in strategy. 

Otherwise, Russian energy minister Alexander Novak said long-term prices should be taken into consideration when taking decisions, adding that prices are averaging $70 a barrel this year, but the market continues to be highly volatile after US sanctions on Iran last week. 

Similarly, OPEC Secretary General Muhammad Barkindo noted that current price volatility is natural as investors grow weary of OPEC's impending decisions alongside allies on output and worries about oversupplies and weaker demand. 

OPEC's monthly report 

OPEC released its monthly report on global demand and supply outlook for 219, at which it cut estimates for demand on its own oil by 250 thousand to 31.54 million bpd next year. 

Conversely, OPEC expects an increase in global supplies 2019 outside OPEC in particular, with global demand growth overall estimated to fall by 70 thousand bpd to 1.29 million bpd. 

OPEC reported its output rose 127 thousand bpd in October to 32.90 million bpd despite the drop in Iranian supplies. 

Otherwise, Saudi Arabia oil minister Khalid Al Falih said Sunday that his country plans to cut crude supplies for global markets by 500 thousand bpd in December due to lower seasonal demand. 

US President Donald Trump called on Saudi Arabia and OPEC to not cut output, believing that prices should be lower based on demand and supply foundation, which comes a week after the US reinstated sanctions on Iranian oil exports, with the Trump's administration counting back then on Saudi Arabia to fill Iran's void in the market.

Iran Sanctions 

Otherwise, as US sanctions went into effect on Iranian oil exports starting November 4, eight countries were granted waivers for 180 days, mainly China, India, South Korea, Japan, Italy, Greece, Taiwan, and Turkey, already the largest importers of Iranian oil. 

In Russia, output rose to a new record of 11.41 million bpd in October, after averaging 11.36 million bpd in September. 

US Oil Rig Count 

Baker Hughes, a US oil services company, reported an increase of 12 rigs in the rig count to a total of 886, the highest since March 2015. 

Sterling rose in American trade after marking the worst performance yesterday in two years against the greenback, following developments in the Brexit saga and earlier US industrial data. 

As of 05:57 GMT, GBP/USD rose 0.34% to 1.2817, with an intraday low at 1.2762, and a high at 1.2878. 

UK Prime Minister Theresa May asserted earlier that Britain will indeed leave the European Union by March, with plans to appoint a new Brexit minister in the next few days. 

May believes her government got a good deal with the EU, adding it maintains the unity of Britain, while the British Parliament won't hold a vote on the deal before finalizing it in the Brussels summit on November 25. 

Former Brexit minister David Davis said the Parliament will reject the deal, forcing May to renegotiate, but then the EU will refuse any amendments on the finalized deal, calling on May to avoid all that by reopening negotiations right now before the Summit. 

US Data 

Earlier US data showed industrial production rose 0.1% in October, slowing down from 0.2% and missing estimates of 0.2% as well. 

The Capacity Utilization Rate fell to 78.4% in October from 78.5%, still edging estimates of 78.3%.