Ripple's XRP cryptocurrency plunges to its lowest levels since December


The price of Ripple’s XRP cryptocurrency declined 4.5% Friday, slumping to $US0.459 per token, its lowest price since December 13, 2017, according to historical data from CoinMarketCap.com.

The world’s third-largest cryptocurrency is now trading a full 86% below its all-time high of $US3.3153 per coin, reached in January, shortly before the market for all cryptocurrencies took a sharp turn.

XRP has been subject to huge price fluctuations, many of which have been fuelled by speculation on multiple occasions it may be added to Coinbase, one of the largest retail cryptocurrency exchanges.

Bloomberg News on Wednesday reported that a Ripple executive tried to bribe both Coinbase and the Winklevoss-founded Gemini exchange to support XRP with a $US1 million cash payment. Both exchanges declined.

Outside of the speculative cryptocurrency investment markets, XRP powers Ripple’s cross-border payment and liquidity products, like XRapid and RippleNet. The company has signed on big names including financial services firms like MoneyGram and American Express, as well as banks like Santander and RBC.

“It would be helpful to think of Ripple as a corporation,” Asheesh Birla, VP of product for Ripple, told Business Insider in January. “We make software products and we sell them to banks, payment providers like MoneyGram, just as an example.”

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