XRP rebounds to tests $0.45 following poor Wednesday start

XRP, the third-largest digital currency on the market, had a lacklustre morning session yesterday, as it mirrored a correction trend that affected most major coins following a strong Monday session. However, the situation changed dramatic during the afternoon, when the XRP price rose sharply, allowing the coin to top the $0.45 mark for the first time since May 16. The token rose to as high as $0.453, before finishing the session at $0.446, well above its opening level of $0.433.

XRP had a poor start to today’s session with its price tumbling to as low as $0.424 in early trading. However, the coin has bounce back in subsequent trading and has managed to fully recover from the early slump. At the time of writing, the XRP price was hovering just above the $0.45 mark according to data from digital currency tracker Coinmarketcap.

Monthly gains

Thanks to its recent performance, XRP has managed to secure a seemingly stable position above the $0.40 level, which appeared to be beyond the coin’s reach just a few weeks ago. Having started the month at $0.309, the token has gained more than 45% since May 1, which puts it on track to post its best month since September 2018.

XRP’s latest gains appear to be supported by strong market activity. Recent market data shows that around $3.2 billion worth of XRP tokens have changed hands over the past 24 hours. This is roughly in line with the coin’s Tuesday daily trading volume and well above the $2.7 billion generated in the preceding session.

In today’s trading, the XRP price stood at $0.449, as of 15:31 BST. The digital currency has gained 5.5% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at nearly $19 billion.

Featured image: AlekseyIvanov / Shutterstock.com

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