xrp crypto value

XRP jumps 15%, while bitcoin and ether trade near record highs as Tesla, BNY Mellon and Mastercard warm to cryptocurrencies | Currency News | Financial and Business News

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The cryptocurrency XRP jumped on Friday after increased interest in Bitcoin

The price of XRP jumped on Friday as interest in cryptocurrency surged after Elon Musk’s Tesla acquired $1.5 billion in Bitcoin and BNY Mellon and Mastercard took steps toward using digital tokens.

XRP, the cryptocurrency of the Ripple network, rose as much as 15%, before falling slightly. It was up 11% at $0.5987 as of 9AM ET, according to Bitstamp.

Bitcoin was 1.4% higher at $48,129 on the Bitstamp exchange, far from a record high of $48,300 touched on Thursday.

Elon Musk’s electric car company, Tesla, revealed Monday that it has bought $1.5 billion in bitcoin and plans to start accepting it as payment.

The announcement sent Bitcoin to a record high above $48,000. The coin has been hovering around less than $40,000 for most of the past two weeks.

Read more: Ruffer portfolio manager invested part of his $4.8 billion fund in Bitcoin. Here’s what prompted him to bet on cryptocurrency — and the two other methods he’s using to hedge against troubling speculative bubbles.

On Thursday, Bitcoin jumped to a new high above $48,300 after BNY Mellon and Mastercard crypto-coin recovered.

MasterCard has announced that it will allow merchants to accept select cryptocurrencies on its network starting later this year. Bank of New York Mellon said it will issue, hold and transfer bitcoins to customers in the future.

The announcements seem to have boosted other crypto assets such as Ripple’s XRP and Ethereum’s ether.

Ether, the original cryptocurrency on the Ethereum network, was roughly flat at $1,793 on Bitstamp on Friday morning. But it was not far from the record high of more than $1,800 reached earlier in the week.

However, the cryptocurrency meme fell 7% to $0.068.

“It seems that [XRP network] “Ripple, like many others, is riding the bitcoin wave,” said Craig Erlam, chief market analyst at cryptocurrency firm Oanda.

“Although it has outperformed so far today, it has a lot of losses to make up, so perhaps that might explain why it was targeted.

“There doesn’t seem to be much else behind the moves that should always be a concern, but that doesn’t mean they can’t make significantly more gains, as we’ve seen so often.”

The cryptocurrency of the Ripple network is highly volatile. XRP surged and crashed in early February when Reddit’s buy-and-hold scheme appeared to collapse after the price touched $0.74.

Read more: CIO of a $700 million crypto asset manager explains why Elon Musk’s gradual acceptance of bitcoin means the digital currency has room to work — and shares why she launched an OTC fund

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