The price of cryptocurrency XRP tanked on Tuesday following a surprise spike last week.
XRP, which is often incorrectly referred to as Ripple, fell over 18 percent from the day before at around 8.25 a.m. London time, according to Coinmarketcap.com. It was trading at $0.46.
On Friday, the price of XRP jumped to $0.69 following a report that the company Ripple could be rolling out its cryptocurrency product that is based on XRP.
Ripple is a fintech company that focuses on blockchain-based payments to help financial institutions move money around the world faster. The firm holds the majority of the cryptocurrency XRP, which is independent of the company but can be used on Ripple's platforms.
Sagar Sarbhai, head of regulatory relations for Asia-Pacific and the Middle East at Ripple, said last week that the firm was making significant headway with its xRapid product, which is aimed at helping banks speed up transactions by using the cryptocurrency XRP.
So far Ripple has struck deals with high-profile financial institutions like Santander and American Express. But those partnerships have so far been mostly focused on another product called xCurrent, which does not use XRP. It's other product known as xRapid uses XRP as a kind of "bridge" between currencies, allowing payment providers and banks to process faster cross-border transactions. Firms that have trialed the product include money transfer giants Western Union and MoneyGram.
Source: CNBC
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