The Ripple price (XRP/USD) has broken through the $1 barrier thanks to a surge in demand for the third-largest cryptocurrency on the market.
Yesterday, the digital currency topped $1 for the first time in eight days, rising as high as $1.03 and eventually finishing the session at $1.01, more than 10% higher than its opening level. Ripple has continued to advance at a steady pace in today’s trading session and its price is currently hovering around $1.05, its highest level since February 21.
The Ripple price has been largely stagnant over the past week or so, despite the recent announcement of a new partnership with a global payments provider. Additionally, reports on Friday suggested that the one of South Korea’s major lenders, Woori Bank, has completed a cross-border remittance test involving Ripple’s distributed ledger technology.
Ripple’s ability to advance during that period was likely hindered by subdued trading activity. The digital coin’s trading volumes stayed below $500 million in the eight days to March 3, suggesting that investor demand for the token was waning. The situation improved yesterday, with XRP’s daily trading volume surging to nearly $800 million. Meanwhile, the current 24-hour volume of $1.6 billion suggests that demand for the cryptocurrency continues to grow on Monday.
In today’s trading, the Ripple price stood at $1.06, as of 10:11 GMT. The digital coin has gained 16.6% in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap. Ripple’s total market capitalisation currently stands at $41.3 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.