Ripple price (XRP/USD) edges lower as rally stalls near $0.70

Third-largest cryptocurrency reaches three-week high after news of Banco Santander launching Ripple-powered payment app

Ripple price (XRP/USD) edges lower as rally stalls near $0.70

The Ripple price (XRP/USD) has risen to its highest levels in more than three weeks, as the wider cryptocurrency market has experienced a significant rebound in the past few days.

On Friday, the third-largest cryptocurrency hit $0.693, its highest price level since March 22. The digital coin has since retreated to lower levels, but it has managed to defend the $0.60 mark. Yesterday, Ripple finished the session at an intraday high of $0.682.

Today, the cryptocurrency has edged lower following a sudden drop seen in the early morning session. According to data from cryptocurrency tracker Coinmarketcap, the Ripple price is currently hovering around $0.65.

Ripple’s recent resurgence came after the it was revealed that banking giant Banco Santander had launched a cross-border payment app using Ripple’s xCurrent product.  On Thursday, Ripple, the San Francisco-based start-up, said that the new app, called One Pay FX, would give Santander’s customers the ability to “make EUR and USD payments to Euro Zone countries and the U.S, respectively”. Ripple also plans to enable cross-border payments for Santander customers in Brazil, Spain and Poland using xCurrent.

Ana Botín, executive chairman of Santander commented on the app’s launch: “One Pay FX uses blockchain-based technology to provide a fast, simple and secure way to transfer money internationally — offering value, transparency, and the trust and service customers expect from a bank like Santander. Transfers to Europe can be made on the same day and we are aiming to deliver instant transfers across several markets by the summer.”

In today’s trading, the Ripple price stood at $0.657, as of 12:29 BST. The digital currency has lost 0.8% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $25.7 billion.

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

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