Ripple rebounds from three-month trough on short-covering

Ripple tilted higher on Tuesday off September 18 lows for the fourth straight session on limited short-covering after a spate of recent losses for the market. 

As of 06:45 GMT, Ripple rose 0.13% to $0.33858, with an intraday low at $0.33151, and the highest since December 5 at $0.35398, with Ripple's market value amounting to $13.53 billion. 

Ripple spiked 15% earlier this week, marking the best performance since September 21 on rapid short-covering after sustaining recent heavy losses amid regulatory concerns, with Ripple still heading for the third monthly loss in a row. 

The Group of 20 has pledged at the latest summit to regulate crypto trading in order to combat money laundering and terrorism funding. 

Last month, 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.