Ripple has fallen 8.5 per cent to just $2.35 today after the plunge in value yesterday, according to CoinMarketCap which tracks real-time prices and market capitalisations.
The latest drop in Ripple’s currency XRP has pushed its market capitalisation down to $98.5 billion, allowing Ethereum to overtake it and become the second biggest cryptocurrency.
Ripple had been in the second spot behind bitcoin after managing to hit an all-time peak of around $3.84 on Thursday and soaring an incredible 35,000 percent in 2017.
Here is the latest news and price updates on Ripple mania.
3.40am: Ripple will be bigger than bitcoin when it hits £5
XRP needs to hit $6.80 (£5) for its market cap to push past that of bitcoin, it has emerged.
Ripple has faltered in recent days though an overall increase of more than 35,000 percent in the past year suggests another surge is not beyond the realms of possibility.
The digital currency currently has a market cap of about £63.4 ($85.7billion), far behind bitcoin, which sits at about £182.5billion ($246.7billion).
Read more: RIPPLE’S BITCOIN CHALLENGE
Ripple price news: XRP will catch bitcoin when it reaches £5
3.17pm: JP Morgan boss takes back bitcoin ‘fraud’ comment
JP Morgan Chief Executive Jamie Dimon regrets having called bitcoin a “fraud” but would still not be interested in the cryptocurrency, he said in an interview on Fox Business today.
His retraction comes after he slammed the cryptocurrency back in September 2017, when he said: “The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.”
Bitcoin and many other digital currencies, including Ripple, went on to surge in the latter stages of last year.
2.55pm: Ripple live price tracker – follow here
Created by CoinMarketCap, the currency tracker below shows the latest XRP price in real time.
Ripple has just dipped below £2.22 ($3), slumping nearly five percent on the dollar today
Steven Nerayof, co-founder of Ethereum, the second biggest digital currency on the market, has warned that alternative currencies will soon start catching up with bitcoin (BTC).
Speaking to CNBC, he said: “There are some other platforms and other protocols that are out there and plus bitcoin itself is having another platform that will be coming on it which is called Rootstock and that could offer some competition too.”
Mr Nerayof went on to compare the current crypto market to that of personal computers in the 1970s.
He said: “So I would think that it’s kind of similar to the days where Apple in the 70s had the gargantuan market share, and then IBM came in and started competition.
“So we haven’t hit that moment yet but there is some competition coming.”
Ripple price news: Seagate stock surged after rumours came out the company had invested in Ripple
1.37pm: Seagate stock jumps after Ripple investment rumours
Shares in computer drive manufacturer Seagate Technologies leapt 11 percent yesterday after rumours spread that the company owned about £57.7billion ($7.8billion) worth of Ripple’s XRP coins.
Financial services company Seeking Alpha reported that Seagate may own more than 4 percent of all XRP holdings on the market.
Seagate stock jumped from £31 ($42) to £35.5 ($48) on Monday, though this has since slipped back to £34 ($46).
The craze for Bitcoin and other cryptocurrencies like Ripple will grow into a “social phenomenon” in 2018, Jehan Chu, managing partner at Kenetic Capital said.
He told Bloomberg: “I think what we’re seeing in 2018 is really the year of bitcoin and cryptocurrency becoming a social phenomenon and that’s different.”
Noon: Ethereum co-founder predicts ‘consolidation after a crash’
Ethereum co-founder Charles Hoskinson said the cryptocurrency market will strengthen after bitcoin alternatives that lack substance fail.
“My personal opinion is that we’re going to see a consolidation after a crash,” Charles Hoskinson told CNBC in an interview Friday.
Ripple price news LIVE: The latest price graph for Ripple
11.55am: Ethereum in second place behind bitcoin
Ethereum remains in second place behind bitcoin after its market capitalisation continued to rise above $117 billion.
Meanwhile, Ripple’s market capitalisation fell below $91 billion. Bitcoin is steady at almost $250 billion.
11.50am: Ripple price sinks after exclusion of South Korean data.
Ripple and Bitcoin sank on Monday after CoinMarketCap removed prices from South Korean exchanges from its calculations of digital currency rates without any warning,
Traders said XRP was the most severely affected by CoinMarketCap’s removal of South Korean prices because it was trading at a 50 percent premium in that country.
Ripple price news LIVE: The latest news and updates on Ripple
11.45am: Ripple price drop confusion sparks sell-off
The exclusion of data from South Korean exchanges, where virtual currencies trade at a wide premium, has sparked confusion and a broad selloff.
“Every crypto is priced at a 30 percent premium in South Korea,” said Greg Dwyer, head of business development at cryptocurrency derivatives exchange BitMex.
“By removing that, it looks like the market cap fell by 30 percent and so people rushed to sell because they’re not sure what’s happening.”
11.40am: Ripple chief cryptographer: ‘Don’t be misled’
David Schwartz, chief cryptographer at Ripple, tweeted: “Coinmarketcap’s decision to exclude Korean prices from the displayed XRP price made the price appear to drop, likely triggering some panic selling.
“Look closely at the data and don’t be mislead.”
The Ripple Twitter account posted: “For those asking us about the recent price fluctuation, @coinmarketcap has excluded Korean exchanges from their pricing averages.
“This change applies to all of their listed digital assets, not just $XRP.”