Ripple fell nearly six percent, or $0.02 on Friday to October 15 lows, on track for the first weekly loss in six amid a violent crypto selloff wave. 

As of 06:09 GMT, Ripple fell 5.75% to $0.4029, with a five-week low at $0.39866, and a session-high at $0.43417, with Ripple's market value receding sharply to $16.13 billion. 

Ripple's losses this week amounted to 21% after marking an 8% drop on Tuesday, the worst such performance since October 11. 

Cryptocurrencies are experiencing an exodus of cash and investments for the last few weeks, with analysts blaming a hrad fork (split) for Bitcoin Cash that instigated all uncertainty. 

Last 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 dropped nearly two percent in American trade away from November 8 highs for the third straight session as the dollar index rebounded from November 7 lows following earlier US industrial and services data today. 

As of 05:43 GMT, silver futures due in December slid 1.68% to $14.38 an ounce, marking November 15 lows, while the dollar index rose 0.22% to 96.92, marking November 16 highs. 

Earlier US data showed the Markit manufacturing PMI down to 55.4 from 55.7, missing estimates of 55.8, while the services PMI receded as well to 54.4 from 54.8, missing expectations of 55.0. 

On Thursday, World Trade Organization Secretary General Roberto Azevêdo warned that rising trade limitations represent a real threat on the global economy that requires solutions reached by the political will of the G20 leaders. 

US President Donald Trump is scheduled to meet his Chinese counterpart Xi Jinping on the sides of the G20 summit in Argentina, with markets hoping for a breakthrough in trade. 

Other reports indicated Trump threatened to shut the government in December if his demands for the southern border wall was rebuffed by Congress, souring the mood for the markets. 

Oil futures tumbled in American trade with US crude plumbing October 2017 lows while Brent hit similar lows, as the dollar index climbed off November 7 lows following earlier industrial and services data from the US, the world's largest oil consumer and producer. 

As of 05:21 GMT, US crude futures due in January swooned 6.72% to $50.96 a barrel, while Brent January futures tumbled 6.15% to $58.75 a barrel, as the dollar index rose 0.23% to 96.93, marking November 16 highs. 

Earlier US data showed the Markit manufacturing PMI down to 55.4 from 55.7, missing estimates of 55.8, while the services PMI receded as well to 54.4 from 54.8, missing expectations of 55.0. 

Saudi oil minister Khalid Al Falih recently said no cuts to output were applied in November, adding it was actually bigger than October levels, at 10.7 million bpd. 

He expects demand on Saudi oil to fall in January, with the country responding in time for that decline. 

US Inventory Build 

On Wednesday, the Energy Information Administration reported a build of 4.9 million barrels in US crude stocks in the week ending November 16, compared to a 10.3 million increase in the previous reading, while analysts estimated a 2.5 million increase, with total stocks now up to 446.9 million barrels, making them 6% above five-year averages. 

Gasoline stocks fell 1.3 million barrels, still 6% above averages, while distillate stocks, including heating fuel, fell 0.1 million, making them 7% below averages. 

Recent reports showed South Korea intends to resume imports of Iranian oil next year after getting exempted from US sanctions on Iranian oil alongside seven other countries, including India, Japan, Turkey, Italy, Greece, and Taiwan. 

Russian energy minister Alexander Novak said no decision has been taken yet on whether to continue the current deal of cutting output by 1.8 million bpd until late 2018 in cooperation with OPEC. 

Novak said Russia plans to sign a partnership agreement with OPEC, with the issue scheduled for discussion at the December 6 meeting in Vienna. 

Otherwise, International Energy Agency Fatih Birol warned that a decision by major producers to cut output could have a negative impact on markets, while noting that US exemptions from Iran sanctions were broader than expected, leading to a drop in prices. 

US President Donald Trump recently called on Saudi Arabia and OPEC to not cut output, believing that prices should be lower based on demand and supply foundation, which came weeks 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 2 in the rig count last week, the second such increase in a row.  

The total count has now reached 888 rigs, the highest since March 2015.

Sterling fell in American trade on track for the third weekly loss in a row against the dollar, following earlier industrial and services data from the US today amid a lack of any from Britain. 

As of 05:00 GMT, GBP/USD shed 0.57% to 1.2803, with an intraday low at 1.2799, and a high at 1.2883. 

UK Prime Minister Theresa May warned that is Parliament rejected her Brexit plans, there would be increased uncertainty and division, clarifying that many members of Parliament seek to reverse the process of Brexit altogether. 

She added that if Britain sought to return to the EU after losing the referendum, the EU wouldn't help, and warning again that Britain could handle a scenario of no-deal Brexit. 

Earlier US data showed the Markit manufacturing PMI down to 55.4 from 55.7, missing estimates of 55.8, while the services PMI receded as well to 54.4 from 54.8, missing expectations of 55.0.