{"id":56404,"date":"2018-01-07T20:02:11","date_gmt":"2018-01-07T20:02:11","guid":{"rendered":"http:\/\/www.bnreport.com\/surging-price-of-the-cryptocurrency-ripple-makes-founder-richer-than-mark-zuckerberg-but-only-for-an-afternoon\/"},"modified":"2018-01-07T20:02:11","modified_gmt":"2018-01-07T20:02:11","slug":"surging-price-of-the-cryptocurrency-ripple-makes-founder-richer-than-mark-zuckerberg-but-only-for-an-afternoon","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/surging-price-of-the-cryptocurrency-ripple-makes-founder-richer-than-mark-zuckerberg-but-only-for-an-afternoon\/","title":{"rendered":"Surging price of the cryptocurrency Ripple makes founder richer than Mark Zuckerberg \u2013 but only for an afternoon"},"content":{"rendered":"

\"jasper<\/a><\/p>\n

\"The
Ripple is a cryptocurrency that\u2019s bought and sold online (Picture: Reuters)<\/figcaption><\/figure>\n

The man who founded the cryptocurrency Ripple briefly became the fifth wealthiest person in the world as the digital dosh surged in value this week.<\/p>\n

But Chris Larsen\u2019s place at the very top of the rich list proved to be very brief after Ripple (which is also called XRP<\/a>) dropped in price and he slipped back down the list again to end up in about 15th place.<\/p>\n

Girl who donated hair to cancer patients put in isolation for 'breaking school rules'<\/a><\/p>\n

The ebb and flow of Larsen\u2019s fortunes demonstrates the volatility of cryptocurrency markets, which are notorious for featuring more ups and down than The Alps.<\/p>\n

He is unlikely to feature on official rich lists because of the extreme price rises and drops which characterise Bitcoin, Ripple and other cryptocurrencies.<\/p>\n

Ripple was created by Larsen and Jed McCaleb, the founder of bitcoin exchange Mt Gox.<\/p>\n

\"The
A chart showing the rise and fall of Ripple this week (Picture: CoinMarketCap)<\/figcaption><\/figure>\n

Its value surged by 35,000 percent during 2017 \u2013 way higher than the 1,200 percent growth of Bitcoin.<\/p>\n

That means \u00a3100 invested in Ripple in January 2017 would have grown to more than \u00a335,000 by the start of this year.<\/p>\n

Its value surged this week from about $2.30 to a high of $3.84, before sliding again to about $3.20 at the time of writing.<\/p>\n

On Thursday, Larsen was worth about $59 billion, up from $37.3 billion on Monday, due to the 5.19 billion XRP stash he is alleged to hold and a 17 percent stake in the cryptocurrency.<\/p>\n

Ripple\u2019s price was on the rise due to rumours it would soon start trading on CoinBase, a popular, easy to use app which lets users buy and sell Bitcoin, LiteCoin, Bitcoin Cash and Ethereum.<\/a><\/p>\n

However, the price rise came to an abrupt halt and shifted into reverse when CoinBase denied it was planning to take on new cryptocurrencies.<\/p>\n

More: UK<\/a><\/h3>\n

In a blog post, it wrote: \u2018We have made no decision to add additional assets to\u2026 Coinbase.<\/p>\n

\u2018Any statement to the contrary is untrue and not authorized by the company.\u2019<\/p>\n

Of course, Larsen\u2019s immense wealth is not quite the same as Zuckerberg\u2019s because it relies on the price of Ripple staying high.<\/p>\n

If he were to begin selling off his nest egg, there is a risk that the price could crash and his riches could vanish into thin air.<\/p>\n

\u2018This is beyond insane,\u2019 Jeremy Gardner, an investor who used to work at the virtual currency hedge fund Blockchain Capital, told The New York Times.<\/a><\/p>\n

\u2018There\u2019s absolutely nothing driving this rally except rampant FOMO [fear of missing out], misinformation, and speculation.\u2019<\/p>\n

MORE: It\u2019s not fair! Lily Allen missed the chance to become a billionaire by turning down a gig paid in Bitcoin<\/a><\/p>\n

Buy Ripple, Tron, NEO or XLM and you could get as rich as the early Bitcoin traders<\/a><\/p>\n

<\/a><\/p>\n

<\/a><\/strong> <\/a><\/p>\n

<\/a>Original Article<\/p>\n

[contf] [contfnew] <\/p>\n

METRO<\/a><\/h5>\n

[contfnewc] [contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"

Ripple is a cryptocurrency that\u2019s bought and sold online (Pi..<\/p>\n","protected":false},"author":1,"featured_media":56405,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[50],"tags":[],"class_list":["post-56404","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech"],"yoast_head":"\nSurging price of the cryptocurrency Ripple makes founder richer than Mark Zuckerberg \u2013 but only for an afternoon - Business News Report<\/title>\n<meta name=\"description\" content=\"Ripple is a cryptocurrency that\u2019s bought and sold online (Pi..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/surging-price-of-the-cryptocurrency-ripple-makes-founder-richer-than-mark-zuckerberg-but-only-for-an-afternoon\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Surging price of the cryptocurrency Ripple makes founder richer than Mark Zuckerberg \u2013 but only for an afternoon - 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