Ripple price (XRP/USD) pulls back after Thursday spike

Major South Korean bank reportedly completes Ripple DLT test

Ripple price (XRP/USD) pulls back after Thursday spike

The Ripple price (XRP/USD) has fallen in today’s trading, giving up much of its Thursday gains.

The third-largest cryptocurrency on the market experienced a significant spike in yesterday’s afternoon trading, following news that Cambridge Global payments is launching a pilot to use XRP in cross-border payment flows. But the sudden jump to an intraday high of $0.953 was followed by a gradual decline, which eventually led to a close of $0.928, still higher than XRP’s opening level of $0.904.

Ripple saw further losses in today’s morning session, during which it fell to an intraday low of $0.906. However, the cryptocurrency has managed to recoup some of the losses in the afternoon and the Ripple price is currently hovering around $0.915.

In other XRP news, one of South Korea’s major lenders, Woori Bank, has reportedly completed a cross-border remittance test involving Ripple’s distributed ledger technology. The bank’s Digital Strategy Department has also revealed plans to commercialise the platform later this year, industry website Coindesk has reported, citing a South Korean media outlet.

The test in question is part of a pilot to use Ripple’s DLT for cross-border payments, involving a large group of Japanese banks, as well as Woori Bank and Shinhan Bank, two of South Korea’s largest banks. The initiative was spearheaded by SBI Ripple Asia, a joint venture between Ripple and Japanese financial giant SBI Holdings

In today’s trading, the Ripple price stood at $0.913, as of 13:27 GMT. The cryptocurrency has lost 1.8% in the past 24 hours, according to data from Coinmarketcap. Ripple’s total market capitalisation currently stands at $35.7 billion.

For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.

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