The Ripple price (XRP/USD) hit a three-week low in today’s trading, after falling more than 5% in 24 hours. The decline started yesterday, with the cryptocurrency descending from an intraday high of $0.245, to a close of $0.232. Ripple’s continued struggles led to a drop to $0.221 in today’s morning session, the coin’s lowest price level since November 16.
Ripple, currently the fifth-largest digital currency by market capitalisation, has since recovered some of its losses and is currently trading at around $0.225.
In other XRP news, Ripple, the San Francisco-based startup behind the cryptocurrency, made a major announcement earlier this week, revealing that Japan Bank Consortium (JBC) had moved closer to become “production-ready” on the Ripple enterprise network, known as RippleNet. This means that each member of JBC – a group of Japanese banks that joined RippleNet earlier this year – will soon have the ability to use Ripple solutions to send real-time, cross-border payments.
“Soon, Japanese banks will not only be quickly onboarded with minimal effort, but also easily connect to other member banks in Ripple’s network — furthering their reach with real-time global settlement,” Ripple wrote in a blog post published on Tuesday.
Ripple’s distributed ledger protocol made the headlines last month after US financial giant American Express unveiled plans to utilise the technology to create a platform for cross-border payments between the US and the UK.
In today’s trading, the Ripple price stood at $0.224, as of 16:14 GMT. The cryptocurrency has lost 7.4% of its value in the past 24 hours.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.