The third-largest digital currency in the world, XRP, had an encouraging start to yesterday’s session, as its price topped the $0.40 mark in early trading. However, the coin’s spell above $0.40 did not last long. After several hours of struggling to sustain trading at that level, XRP gave in to the pressure and returned to sub-$0.40 levels. The decline accelerated during the afternoon portion of the session, with its price tumbling to an intraday low of $0.373. The digital coin finished the session at $0.376, down from its opening price of $0.397.
XRP has remained on the defensive in today’s trading, mirroring a wide-spread crypto correction. As a result, the coin fell to a six-day low of $0.367 in the morning. The token’s performance has somewhat improved in more recent trading, which has allowed it to retake the $0.37 level.
Meanwhile, XRP has continued to experience strong market activity, although its trading volume has seen a drop from yesterday. According to data from digital currency tracker Coinmarketcap, around $1.9 billion worth of XRP coins have changed hands over the past 24 hours. The coin’s daily trading volume reached just over $2 billion on Wednesday.
XRP’s current struggles appear to be part of a larger downward correction that has affected most digital coins on the market. Earlier this month, XRP benefited from a strong bullish trend that saw many cryptocurrencies rising to new 2019 highs. XRP’s rally peaked at $0.474, which was reached on May 16, the same day that Bitcoin set its current 2019 high of $8,320.82.
In today’s trading, the XRP price stood at $0.373, as of 14:17 BST. The digital coin has lost 4.6% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $15.7 billion.
Featured image: Wit Olszewski / Shutterstock.com
The post XRP struggles amid downbeat Thursday crypto market appeared first on The Independent Republic.
Theindependentrepublic.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube