The Ripple price (XRP/USD) has broken above the $0.70 level amid a larger uptrend affecting the wider cryptocurrency market.
Having faced stiff resistance at the $0.70 mark for the past few days, the third-largest cryptocurrency on the market finally managed to move that level in late Wednesday trading, when it rose to an intraday high of $0.721. The coin eventually finished the day at $0.708, notching up its first close above $0.70 since March 20.
Ripple’s advance has slowed down in today’s trading, although the cryptocurrency reached a one-month high of $0.735 in the early hours of the session. The Ripple price has since pulled back to lower levels and is currently hovering around $0.72.
The fresh move above $0.70 comes as a result of a rally that has seen Ripple gaining around 35% over the past week. The cryptocurrency received a strong boost last Thursday, when it was announced that banking giant Banco Santander had launched a cross-border payment app using Ripple’s xCurrent product. The 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”.
More recently, Ripple has also benefited from what looks like an improved market sentiment affecting the cryptocurrency space. All major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), among others, have seen significant gains over the past 24 hours. The total value of all digital coins now stands at $347.8 billion.
In today’s trading, the Ripple price stood at $0.721, as of 13:32 BST. The digital coin has gained 5.5% over the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap. The token’s total market capitalisation currently stands at $28.2 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.