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 in August 7th. According to the data provided by CoinMarketCap, at the press moment, the price of LTC makes up $66,12 showing decline by 11,50% in price since yesterday.
However, despite the adverse movements the project continues its development. Litecoin creator Charlie Lee confirmed that he is working with HTC to develop its new world’s first blockchain-powered smartphone – HTC Exodus. Although the device will serve as a wallet for multiple currencies, Litecoin will be in a better position thanks to Lee’s involvement, who joined the HTC Exodus development team as an advisor.
The situation with XRP 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 XRP, 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), while 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.
We are excited to announce our acceptance of #Ripple!
— Bitcoin Superstore (@BitcoinSuperst1) August 5, 2018
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 also adopted as an exclusive currency of a new crypto exchange powered by cryptocurrency services firm AlphaPoint.