The Ripple price (XRP/USD) has failed to defend the $0.50 mark following a late Wednesday drop that mirrored a larger price correction observed across the digital currency market.
The third-largest digital currency on the market reached its highest price level in nearly a month after experiencing a big surge in the final hours of the Tuesday session. The digital coin rose to as high as $0.519, but its price saw frequent gyrations throughout the session. This prevented Ripple from gaining enough momentum, in order to resist the sharp downswing that hit the crypto market in late Wednesday trading. The coin followed the larger trend, plunging to an intraday low of $0.477, according to data from digital currency tracker Coinmarketcap. While the coin managed to bounce off that low just before the end of the session, it still finished the day at $0.486, significantly lower than its opening level of $0.505.
The Ripple price has continued to fluctuate in today’s trading, session, hovering around the $0.48 mark. The price tumbled to an intraday low of $0.475 earlier in the session.
Ripple’s 24-hour trading volume currently stands at roughly $360 million, which is comparable with yesterday’s daily volume. Singapore-based crypto exchange Huobi has been the most popular destination for Ripple trading over that period, having captured 21.5% of that volume. Japan’s Bitbank platform has ranked second with an 18% share, while the world’s largest crypto exchange, Binance, has claimed the third place with just under 15%.
In today’s trading, the Ripple price stood at $0.482, as of 10:38 BST. The digital coin has lost 5.4% of its value in the past 24 hours. The coin’s total market capitalisation currently stands at just under $19 billion, Coinmarketcap data shows.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.