Ripple spikes 10% above $0.40 away from ten-week lows

2018-11-28 21:51:40 GMT (
Ripple spikes 10% above $0.40 away from ten-week lows

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. 

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