The Ripple price (XRP/USD) has continued to move in a tide trading range on Friday, amid subdued market activity.
Yesterday, the third-largest cryptocurrency on the market traded in the range of $1.11 to $1.16, finishing the session at $1.15. The digital coin has so far been unable to escape that range in today’s trading, with its price currently hovering around $1.12.
The lack of significant price movements coincides with a notable decline in Ripple’s trading volumes. According to data from cryptocurrency tracker Coinmarketcap, around $740 million worth of XRP tokens have been traded worldwide over the past 24 hours. In comparison, the cryptocurrency generated nearly $1.2 billion in trading volume, yesterday.
Once again, the market activity is largely driven by South Korea, where the four leading cryptocurrency exchanges – Bithumb, Upbit, Coinone and Korbit – account for about 43% of the coin’s 24-hour volume. These platforms are quoting prices of around $1.16-$1.17, which are higher than the current market average.
The current price means that Ripple has nearly doubled from its February 6 low of $0.588. The sharp recovery has been fuelled by news of partnerships with Western Union and the central bank of Saudi Arabia, as well as an improvement in market sentiment.
In today’s trading, the Ripple price stood at $1.13, as of 13:47 GMT. The cryptocurrency has gained 0.4% in the past 24 hours. The digital coin’s total market cap currently stands at just over $44 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.