Ripple (XRP/USD) moves closer to $0.70 on Wednesday afternoon

The third-largest digital coin enjoys increased trading activity in South Korea

Ripple (XRP/USD) moves closer to $0.70 on Wednesday afternoon

The Ripple price (XRP/USD) has moved within striking distance of the $0.70 mark, after seeing strong gains in today’s afternoon session.

The third-largest cryptocurrency on the market experienced a drop in the latter part of yesterday’s session and finished the day at $0.656, down from its opening price of $0.664.

While the digital coin had a slow start to today’s session, its performance improved in the afternoon, after a sudden spike sent its price to an intraday high of $0.690. At the time of writing, the Ripple price was hovering around $0.685, according to data from cryptocurrency tracker Coinmarketcap.

Ripple has remained above $0.60 since last Friday, the day after it was announced that that banking giant Banco Santander had launched a cross-border payment app using Ripple’s xCurrent product. The Thursday announcement stated 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”. It provided a significant boost to both Ripple’s price and its trading volume, which on Thursday surpassed $1 billion for the first time in nearly a month. However, the digital coin’s attempts to break above $0.70 have so far been unsuccessful.

Today’s rally seems to be driven by increased trading activity in South Korea, one of Ripple’s most important markets. According to recent market data, the country’s four leading cryptocurrency exchanges, Upbit, Bithumb, Coinone and Korbit, collectively account for some 37% of the $464 million worth of XRP tokens that have exchanged hands in the past 24 hours.

In today’s trading, the Ripple price stood at $0.684, as of 14:32 BST. The digital currency has gained 1.9% in the past 24 hours and its total market capitalisation currently stands at $26.7 billion.

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

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