Ripple price news LIVE: Ripple bounces back above as Bitcoin PLUNGES post MoneyGram
The price of Ripple is back up from yesterday’s low of $1.62, which was 57 per cent down on the all-time high on Thursday January 4.
The latest rise in XRP comes after money transfer giant MoneyGram announced plans to use for faster international payments.
The price of bitcoin plunged after the Ripple and MoneyGram news broke at about 2pm yesterday but it has slowly risen back up today.
The CoinMarketCap currency tracker below shows the latest XRP price in real time. WHY IS THE RIPPLE PRICE CRASHING?
Here is the latest news and price updates on Ripple mania.
2.46pm: Ripple will continue to grow if deals continue
BitBull Capital boss Joe DiPasquale predicts that XRP will continue to perform well on the market if partnerships like the MoneyGram deal continue.
“MoneyGram is the latest example of Ripple’s masterful cadence of announcements of deals with large companies,” he told Forbes.
“Every time Ripple announces a partnership, we see an increase in value.”
He added: “If Ripple’s strong partnerships continue, I expect its value to continue to increase.”
Read more: WHY IS RIPPLE RISING AGAIN TODAY?
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1.30pm: MoneyGram coming together with Ripple hailed as ‘amazing’
Cory Johnson, from Bloomberg News, said: “Moneygram and Ripple are absolutely in competition with each other.
“To see these two businesses come together and see Moneygram look at a way to move money faster is an amazing thing.
“It will give them a huge leg up over competitors like Western Union. But it also massively erodes their business model.
“It’s interesting to see these guys I think probably smartly recognise they have got to get ahead of this train or they are going to be on the tracks.”
Noon: MoneyGram to use XRP for international payments
Ripple CEO Brad Garlinghouse tweeted: “I’m pleased to be able to share @MoneyGram has partnered with @Ripple to use $XRP in their payment flows.”
The Ripple website said: “To allow their customers to send and complete cross-border payments quicker and cheaper, MoneyGram — one of the world’s largest money transfer companies — will use XRP in their payment flows.”
Ripple price LIVE: Ripple bounces back above $2 after 50% plunge from record high last week
11am: Ripple is not the next bitcoin, says MIT
Mike Orcutt, associate editor at MIT Technology Review, has said that the Ripple price rise was based on a misplaced assumption.
He said: “The exuberance was fueled, at least in part, by a belief that anyone buying up XRP was getting in on the next Bitcoin.
“But for some it could end up as a very expensive lesson that what they bought into is a different animal altogether.”
BITCOIN UPDATES: BITCOIN PRICE LIVE
10.30am: South Korean ban fears could be ‘overblown’
The prices of bitcoin and Ripple have been falling due to fears that South Korea is preparing to ban cryptocurruncy trading.
But Finance Professor Geoffrey Smith, W. P. Carey School of Business at Arizona State University, has suggested that Korean government’s intention may be to only ban anonymous cryptocurrency.
“The Korean government is requiring Bitcoin traders to do so under their real name, not anonymously,”says Finance Professor Geoffrey Smith, W. P. Carey School of Business at Arizona State University, told Forbes.
“If the purpose of this is to protect their citizens from deception, fraud, or theft, then it is good.”
10am: ‘Buffet is wrong about cryptocurrency cataclysm’, says expert
Zhao Changpeng, CEO of Binance, has dismissed Warren Buffet’s comments that the cryptocurrency craze will “definitely” end badly for the likes of bitcoin and Ripple.
Mr Changpeng told Bloomberg: “Warren Buffet is a guy I truly respect from an investment point of view I think he knows stock investment, equities investment very well.
“But I do not think he knows cryptocurrency at all.
“So it is what it is, I still respect many other parts of his expertise but I think on cryptocurrency he is making a mistake.”