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The price of XRP, the world’s third-largest cryptocurrency by market capitalization, fell to a new 2018 low, as well as the Litecoin price. Despite adverse movements, Ripple is supported by investors and accepted as a payment method by Bitcoin Superstore.
The cryptocurrency markets have suffered quite a blow off, as the overall market cap went from $255 billion to currently sitting at $231 billion and caused many alt-coins to experience 2018 year lows. Such leading currencies as Litecoin (LTC) and Ripple (XRP) fell incredibly.
Litecoin has dropped to its lowest point this year, declining 8.9% from its previous yearly low at $72.65, making it one of the biggest losers on August 7th. According to CoinMarketCap, the price of LTC makes up $66,12 at the moment of writing, the currency has lost 11,50% in price since yesterday. However, the project is developing, despite the adverse movements. Litecoin creator Charlie Lee confirmed that he is working with HTC to develop its new blockchain smartphone. Although the device will serve as a wallet for multiple currencies, Litecoin will be in a better position thanks to Lee’s involvement.
The situation with Ripple price is no better. The third largest cryptocurrency by market cap fell to a new 2018 low. Its price has dropped to $0.35 which is seven cents from the previous yearly low of $0.42 in July. It is interesting that in December, 2017, the price was as low as now, but a few days after, XRP along with most other cryptos shot up to all-time-highs over $3. Being down close to 90% over an eight-month period can be caused by bad press for Ripple, which is the result of investor lawsuits stemming from the coin’s price decline.
It seems that Ripple experiences hard times. Recently, Coinbase decided to list Ethereum Classic (ETC) instead of Ripple (XRP). Moreover, Western Union CEO stated that XRP had not made much of a difference to their company.
However, the Ripple Community still has a lot of supporters. On August 6, an online base retailer Bitcoin Superstore announced that the platform will officially be accepting Ripple (XRP) as a payment method. According to the official announcement, XRP can currently be used to make purchases on over 200,000 online stores, including major players like Amazon, Walmart, Visa, Nike and Starbucks.
Now Bitcoin Superstore accepts payments in Bitcoin, Bitcoin Cash, Dash, Ethereum, Litecoin and XRP, expanding their portfolio and taking bold steps towards the adoption of XRP.
Earlier, Ripple was adopted as an exclusive currency of a new crypto exchange powered by cryptocurrency services firm AlphaPoint.