The Ripple, the third-largest cryptocurrency, is fighting to defend the $1 level after experiencing a significant drop that positioned its price just above that mark.
Like many of its cryptocurrency peers, Ripple enjoyed a positive session on Monday, as it notched up a close of $1.08 – its highest since January 31. However, the cryptocurrency gave up most of its gains during today’s morning trading, when it dropped to an intraday low of $1.01. Since then coin has been trading in a tight range from $1.02 to $1.04, according to data from cryptocurrency tracker Coinmarketcap.
Ripple’s trading volume also appears to be subdued, with just over $1 billion worth of XRP tokens having exchanged hands in the past 24 hours. In comparison, the token’s trading volume exceeded $1.7 billion in yesterday’s session and $2.5 billion on Sunday.
The majority of Ripple trading is taking place in South Korea, which is by far XRP’s largest market. The four leading cryptocurrency exchanges, Bithumb, Upbit, Coinone and Korbit, collectively account for nearly 60% of the total volume generated in the past 24 hours. All four platforms are quoting the Ripple price at $1.04, slightly higher than the current market average provided by Coinmarketcap.
In other XRP news, it was announced yesterday that the UAE Exchange, one of the largest in the Middle East, had joined RippleNet – Ripple’s enterprise blockchain network that already has more than 100 clients. The Dubai-based remittance giant said it was aiming to utilise the technology to provide its customers with enhanced payments experience.
In today’s trading, the Ripple price stood at $1.02, as of 16:54 GMT. The cryptocurrency has lost 4.5% of its value in the past 24 hours.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.