The Ripple price (XRP/USD) has seen a bit of a rebound after falling earlier today to its lowest level in more than seven weeks.
After finishing yesterday’s session at $0.691, its weakest close since December 13, Ripple continued its decline in today’s trading. During the morning session, the third-largest cryptocurrency on the market fell to $0.588, which was its lowest price level since December 14.
The digital coin has performed significantly better in the afternoon, benefitting from a positive price action seen across the entire cryptocurrency market. Earlier today the total value of digital currency tanked to $276 billion. However, since then the sector has managed to recover nearly $75 billion in market capitalisation, according to data from cryptocurrency tracker Coinmarketcap.
The rebound provides a welcome respite for the cryptocurrency market, which has suffered some heavy losses in the past few weeks. Ripple, in particular, was the worst performer among ‘large cap’ crypto assets in the month of January. The digital token lost nearly 50% of its value in January, and its price has continued to sink since the start of this month.
In today’s trading, the Ripple price stood at $0.711, as of 16:27 GMT. According to data from Coinmarketcap, the cryptocurrency has lost 1.9% of its value in the past 24 hours. Its total market capitalisation currently stands at $27.7 billion, which puts it comfortably ahead of the fourth most valuable cryptocurrency, Bitcoin Cash (BCH).
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.