Ripple (XRP) is currently worth $0.79 dollars (7.35am Monday March 13) after a promising start earlier on Monday.
Ripple’s price fell 2.5 percent on opening tonight, reaching $0.78 by 4.04am GMT, according to CoinMarketCap.com.
As of 7.41am GMT on March 13, the digital currency is down by 3.89 percent over the last 24 hours with a total market cap of $30,946,756,607.
Bitcoin, Ethereum, Bitcoin Cash and Litecoin are all in the red tonight too, with Bitcoin dropping to $8,956.43 at 8.28pm on Monday.
Express.co.uk brings you the latest news and live updates on the Ripple price below. All times in GMT.
8.08am: ‘Ripple is solving real world problems’ claims Ripple CEO
Brad Galringhouse, CEO of Ripple, is certain his cryptocurrency based payment system is a solid alternative to the current payment systems used by banks.
He said: “If you and I decide we were going to send $10,000 to California today, the fastest way to for us to do it, would be to drive to the airport and fly it there. That’s a crazy thing to think about when you’re in the age of the internet and we’re used to information on demand.
“When we think about the customers that have come onboard, it’s because we’re solving a real problem. We’re changing the nature of a payment taking days to settle to California, to seconds.
“So we now have well over one hundred customers ranging from some of the biggest banks in the world, to payment providers, to Western Union, MoneyGram.”
He added: “We’re signing up more than a bank a week now.”
Ripple price update: Ripple CEO Brad Garlinghouse is certain his payment platform will thrive
7.53am: Could Ripple be the next bitcoin? Ripple chief speculates
Ripple CEO Brad Garlinghouse said: “I think if we’re solving a real problem and it’s at scale, then I think it’s a compliment.
“I think the most important thing that is going on in crypto, is understanding what is real and what is just hype.
“Some I think may look back on bitcoin and find that it was the Napster of digital assets. What I mean is Napster was the first to digitise music and demonstrate, ‘Hey if you digitise music you can do a lot of cool things with that’.
“But ultimately they were circumventing trademark laws, circumventing royalty payments and Government stepped in and Napster was not successful. But Spotify, iTunes, Pandora they were all very successful.
“I think what you’ll find is that maybe the next generation of digital assets ends up solving some of the original problems that bitcoin set out to solve.
7.30am: Ripple forecast hints at gains if it closes above $0.82
According to Forex analyst Aayush Jindal Ripple will need to stay above the $0.75 price point to avoid further decline.
The analysts said: “Once there is a proper close above the $0.8200 level and the 100 hourly SMA, there could be more gains.
“On the downside, the $0.7600 and $0.7500 support levels hold a lot of importance.
“XRP must stay above $0.7500 to avoid further declines.”
7am: Sebastian Kettley takes over live reporting from Kat Hopps
Ripple price LIVE: XRP is trading below $0.80 on Tuesday morning
8.41pm: Central banks should evaluate risks before issuing cryptocurrency, BIS says
The Bank for International Settlement (BIS) has warned central banks to consider the risks before issuing their own form of cryptocurrency.
The report by two committees at the BIS, a forum whose members include the U.S. Federal Reserve and European Central Bank, is wary of central banks issuing their own central bank digital currency, or CBDC.
Jacqueline Loh, chair of the BIS markets committee, said: ”There are risks we do not fully understand at this point.”
She added: ”Any step towards a possible launch of a CBDC should be subject to careful and thorough consideration.”
The report looked at the possible impact of a “wholesale” digital currency only for a limited audience like banks, and a “retail” version for all.
8.30pm: Ripple continuing to plunge in price tonight along with other cryptos
XRP is currently at $0.78, down 5.57 percent over the last 24 hours.
The slide has been gaining pace since lunchtime.
All the major cryptocurrencies are in the red tonight.
XRP price news live: Cryptocurrency valuations at 8.30pm
6pm: UK’s first mainstream ‘Crypto Investor Show’ attracts crowds in London
Britain’s first large-scale “Crypto Investor Show” has taken place in London.
The blockchain conference, held at the QEII centre just moments from Westminster Abbey, hosted cryptocurrency speakers and dozens of stallholders in the public-facing event at the weekend.
Attendees included families on a day out, showing how mainstream cryptocurrencies’ appeal have become.
4.30pm: Bitcoin market chatter unveiled to track online patterns and help investors
A new information tool to capture and analyse online chatter about Bitcoin on hundreds of news and social media websites has been launched by media giant Thomson Reuters Corp.
A new version of the company’s MarketPsych Indices has been set up to specifically capture market sentiment about cryptocurrencies.
Austin Burkett, Global Head of Quant and Feeds, said: “News and social media are driving the investment and risk management process more than ever with the continuing rise of passive and quant-driven trading.”
Ripple price: XRP is currently at $0.79, down 2.61 percent on the last 24 hours.
4.20pm: Kat Hopps takes over live reporting from Amani Hughes
3.30pm: Cryptocurrency mining is ‘perfectly legal’ in Europe, official says
Mariya Gabriel, European Commissioner for Digital Economy and Society, has said cryptocurrency mining is perfectly legal in Europe and only subject to standard electricity rules.
In a statement Gabriel said: “If the energy consumed for this activity is produced according to law, there is no legal basis to forbid or even limit it. … As mining of cryptocurrency is not an illegal activity, the Commission did not put in place any means to track it, so far.”
However she said mining is subject to EU rules regarding “energy efficiency, the power sector and greenhouse gases emissions,” as it is an electricity-consuming economic activity.
She said the European Commission would continue to review the growing impact cryptocurrencies have on energy consumption and demand.
2.15pm: Ripple price update
The price of Ripple is currently $0.824, which is a 0.39 percent increase, compared to earlier this morning when the markets stood at a 4.88 percent increase.
The market cap stands at $32,227,526,384.
12.58pm: Market partnership could send Ripple price soaring
Rumours are circulating Amazing could develop its now cryptocurrency exchange and if Ripple partners with the retail giant, it could see a rise in its value.
A number of XRP’s characteristics could make it appealing for Amazon for choose if it develops its own exchange.
Ripple allows for transactions to occur within 10 seconds – a transaction fee is charged at the rate of 0.00001 XRP.
The low transaction prices mean that if Ripple’s price was to soar, transaction fees could stay the same and make the virtual currency more appealing than its rivals.
Meanwhile, unlike Bitcoin that is limited to only 21million coins, Ripple is limited to 100billion XRP.
11.47am: Binance offering $250,000 for information on hackers
Binance is offering $250,000 (paid in cryptocurrency) for information which leads to the arrest of hackers.
The world’s biggest cryptocurrency exchange wants to deter hacking attempts and is encouraging other platforms to do the same.
Last week Binance was targeted by a “large-scale phishing and stealing attempt”, however Binance.com CEO Changpeng “CZ” Zhao assured service users that “all funds are safe”.
Although it was unable to reverse some trades from accounts targeted by the hackers.
11.01am update: Former Thai Finance Minister calls for crypto regulation
A former finance minister of Thailand has backed new regulations around cryptocurrency trading and initial coin offerings (ICOs).
Korn Chatikavanij had served as the country’s finance minister between the end of 2008 and mid-2011.
He is now chairman of The Thai Fintech Association, a startup accelerator, he said in an interview last week that his organisation supports the Thailand Securities and Exchange Commission’s plan to introduce dedicated rules for activities around the tech.
“I agree with the Finance Ministry’s [view] of letting the SEC be the only organisation governing digital assets, because it already oversees securities and has a profound understanding of digital assets,” said Korn, according to a Friday report by the Bangkok Post.
Ripple price chart: The price of Ripple’s XRP over a 24-hour period
10.07am: Ripple up 4.88 percent today
Ripple is in the green for the first time in several days, after a week of losses.
The price of the cryptocurrency stands at $0.836, an increase of 4.88 percent, and its market cap is $32,680,289,427. Other cryptocurrencies, such as Bitcoin, Ethereum, Bitcoin Cash and Litecoin are all in the green today.This follows on from last week when cryptocurrencies plummeted after the announcement by the SEC they want to apply security laws to cryptocurrency exchanges.
9am: Ripple could soar if a partnership with Amazon goes through
If Ripple partners with Amazon, the cryptocurrency could see an exponential rise in value thanks to the incredible amount of users at the latter’s disposal, critics have argued.
Rumours of Amazon developing its own cryptocurrency exchange has been rumoured since reports emerged that the company had registered names related to the virtual space.
The domains that it is understood to have registered are amazonethereum.com, amazoncryptocurrency.com and amazoncryptocurrencies.com.
If Ripple formed part of this exchange, prices could rise dramatically.