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XRP added on PLAAK and Cryptopay, price continues to decline
XRP is moving forward in terms of support from exchanges. The cryptocurrency was recently announced to be listed on cryptocurrency exchange PLAAK, and support for use in Cryptopay, a wallet and cryptocurrency card provider.
PLAAK is an online platform that provides blockchain related services. These include services such as trading cryptocurrencies, finding freelance jobs, and accessing private health insurance and medical records.
Allegedly, these will be integrated with services payable in cryptocurrencies such as an e-market, payrolls, and healthcare.
The pairs introduced on the exchange part of the platform are XRP/Austrailian Dollar [AUD], XRP/Bitcoin [BTC], XRP/ Ethereum [ETH], and XRP/PLK, PLAAK’s native token. The move to add XRP as a means to pay for these type of services will enable for a leap forward in adoption.
Cryptopay, on the other hand, is a wallet and cryptocurrency card provider. It allows its users to manage BTC by converting between various fiat currencies such as US Dollar [USD], Euro [EUR] and Great Britain Pounds [GBP]. Users can also send funds to other wallets, and withdraw at ATMs using the Cryptopay card.
The platform currently offers these services for Bitcoin [BTC], Litecoin [LTC] and now XRP. With upwards of 120,000 cards issued, and over 910,000 registered users, the addition of XRP on the platform will drive new people to utilize it as they would use currency.
1-month price graph for XRP | Source: CoinMarketCap
However, this step for adoption has come late for the third-largest cryptocurrency, as the market is currently undergoing a bear attack. Almost all top cryptocurrencies have losses in the double digits, with Bitcoin being the only exception with a 6% loss. The market is bleeding red following multiple sell-offs.
A combination of many factors has now led to XRP being at the lowest price it has been throughout 2018. At a price of $0.26, XRP is seeing lows after its highs earlier this month of close to $0.45.
The XRP token saw highs in July above the $0.50 mark, hitting $0.51 on July 18th. A steady decline followed, however, until the next minor spike to $0.45 on August 1st. The token began to fall on August 7th, declining from a price of $0.41 to $0.33.
It went down further, as it dropped below the $0.30 resistance on August 12th. The next resting price of the coin was at $0.26 on August 13th. XRP is currently trading at $0.26, with a drop of over 24 hours of around 13%.
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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.
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