Ripple rallied over 10%, or $0.04 on Wednesday away from September 20 lows for the third session out of four on short-covering after sustaining recent heavy losses, with investors picking up cheap crypto assets for the time being. 

As of 08:36 GMT, Ripple rose 10.43% to $0.40436, with an intraday low at $0.36606, and a high at $0.4072, with Ripple's market value amounting to $16.1 billion. 

Ripple is still heading for the second monthly loss in a row, marking the ninth monthly loss this year after marking record highs at its start before losing over 90% of its value on concerns of heavy-handed government regulation. 

Cryptocurrencies recently experienced 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 rose over one percent in American trade off November 14 lows as the dollar index fell off November 13 highs, following earlier data and developments from the US today. 

As of 08:21 GMT, silver futures due in December rose 1.36% to $14.36 an ounce away from two-week lows, while the dollar index shed 0.59% to 96.80 away from two-week highs. 

US Growth, Trade, Housing Data 

US GDP growth clocked in at 3.5% according the second reading for the third quarter, slightly missing estimates of 3.6%, and the same as the first reading, while also below the second quarter's 4.2%. 

US goods trade balance showed a deficit of $77.2 billion in October, up from $76.3 billion in September, while wholesale inventories rose 0.7%, accelerating from 0.4% in September and above estimates of 0.5%. 

New home sales fell 8.9% to an annualized 544 thousand units, compared to a 1% increase in September to 597 thousand, while analysts expected a 4% increase to 575 thousand, while the Richmond manufacturing index receded to 14 from 15 in November, missing estimates of 16.  

 Federal Reserve Chair Jerome Powell delivered a speech today titled "The Federal Reserve's Framework for Monitoring Financial Stability" at The Economic Club of New York, where he noted how interest rates are still below neutral levels, while adding that gradual rate hikes represent the best balance between the risks of accelerating or slowing down the pace of policy tightening. 

Oil futures lost ground following earlier data from the US, the world's largest oil consumer and producer, which showed another inventory build for the tenth week in a row. 

As of 06:56 GMT, US crude futures due in January fell 0.85% to $51.12 a barrel, while Brent January futures slid 0.81% to $59.72 a barrel, as the dollar index shed 0.64% to 96.75 away from two-week highs. 

US Inventory Build 

The Energy Information Administration reported a build of 3.6 million barrels in US crude stocks in the week ending November 23, compared to another 4.9 million build in the previous reading, while analysts expected a 0.6 million increase, with total stocks now up to 450.5 million barrels, making them 7% above five-year averages. 

Gasoline stocks are down 0.8 million barrels, still 5% above averages, while distillate stocks, including heating fuel, rose 2.6 million barrels, still 6% below averages. 

US Growth, Trade, Housing Data 

US GDP growth clocked in at 3.5% according the second reading for the third quarter, slightly missing estimates of 3.6%, and the same as the first reading, while also below the second quarter's 4.2%. 

US goods trade balance showed a deficit of $77.2 billion in October, up from $76.3 billion in September, while wholesale inventories rose 0.7%, accelerating from 0.4% in September and above estimates of 0.5%. 

New home sales fell 8.9% to an annualized 544 thousand units, compared to a 1% increase in September to 597 thousand, while analysts expected a 4% increase to 575 thousand, while the Richmond manufacturing index receded to 14 from 15 in November, missing estimates of 16.  

Otherwise, Russian President Vladamir Putin noted in recent remarks how Russia is completely committed to the deal with OPEC to cut global output, praising in particular Saudi Crown Prince Muhammad Bin Salman for his efforts in that regard. while expressing content with the current oil price at around $60. 

Putin said that Russia continues to cooperate with OPEC and other oil partners to achieve market stability, adding that the break even point for profit for shale oil is between $35 and $45. 

On the same note, Russian energy minister Alexander Novak said Russian oil output fell by 40 thousand bpd in average this month from October. 

Otherwise, reports are circulating of Saudi Arabia's record highs of production in November, with a source telling Reuters the amount has reached between 11.1 million and 11.3 million bpd. 

The step comes under pressure from US President Donald Trump's calls for OPEC to pump more output to drive prices lower, with Riyadh concerned with avoiding retribution from America on the issue of the murder of Saudi opposition journalist Jamal Khashoggi. 

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. 

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. 

Sterling rose in American trade versus the dollar following earlier developments from Britain, including commentary by Bank of England Governor Mark Carney on the bank stress test results and the financial stability report by the BoE, while Fed Chair Jerome Powell spoke as well earlier today in New York. 

As of 06:38 GMT, GBP/USD rose 0.68% to 1.2834, with an intraday high at 1.2844, and a low at 1.2733. 

UK Prime Minister Theresa May said today ahead of the British Parliament that the current Brexit deal is the best course available to Britain to maintain the economy in a good place,

May believes the deal deepens the economic and security relations between Britain and the EU, adding her government won't be able to sign a trade deal with the EU until after the official exit. 

US Growth, Trade, Housing Data 

US GDP growth clocked in at 3.5% according the second reading for the third quarter, slightly missing estimates of 3.6%, and the same as the first reading, while also below the second quarter's 4.2%. 

US goods trade balance showed a deficit of $77.2 billion in October, up from $76.3 billion in September, while wholesale inventories rose 0.7%, accelerating from 0.4% in September and above estimates of 0.5%. 

New home sales fell 8.9% to an annualized 544 thousand units, compared to a 1% increase in September to 597 thousand, while analysts expected a 4% increase to 575 thousand, while the Richmond manufacturing index receded to 14 from 15 in November, missing estimates of 16.