Ripple price LIVE: $9BILLION WIPED OFF XRP value after shock spike in cryptocurrency price | City & Business | Finance

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XRP, commonly known as Ripple, has lost a total value of $9billion in a major shock. 

The price of the coin has significantly dropped – from over 30 percent what it was before – without any obvious catalyst. 

Formerly, Ripple was skyrocketing in price, having been targeted as one of the currencies taking a massive boost in price at the end of 2017. 

Now, Ripple is joining other cryptocurrencies in a downtrend, now worth £0.34 ($0.45). 

Ripple is a financial technology company which houses currency XRP, separate of the main company. 

Their most recent announcement prompting a spike of the currency was of new product xRapid.

The product focussed on helping banks move around the currentcy XRP, speeding transactions around the world.  

Proposed extra usage of XRP sent the currency on a spike, which has now drastically fallen away.