The Ripple price (XRP/USD) has surged past the $0.80 mark, reaching its highest level in more than a month.
The third-largest cryptocurrency on the market enjoyed another strong session yesterday, as it gained more than 10% to move within striking distance of the $0.80 price level. The digital coin finished the Thursday session at an intraday high of $0.791, notching up its highest close in more than a month.
Ripple extended its gains in the early hours of today’s trading, rising to as high as $0.870. This is the coin’s highest price level since March 8, data from cryptocurrency tracker Coinmarketcap shows.
Ripple has pulled back to lower levels in more recent trading. At the time of writing, the Ripple price was hovering around $0.83.
Ripple’s latest gains have been supported by a significant increase in trading volume. Nearly $880 million worth of XRP tokens exchanged hands on Thursday and recent data suggests that the market activity has become even stronger since the start of today’s trading. Ripple’s 24-hour trading volume currently stands at $1.52 billion, which is its highest level since March 5.
South Korea’s Bithumb crypto exchange is the most popular destination for Ripple trades, accounting for 27.4% of the volume. Local rival Upbit comes in second with 16.5% of the global market activity. The Hong Kong-based trading platform Binance ranks third, capturing 8.7% of all trades, closely followed by Japanese exchange Bitbank, which has an 8.5% share.
Ripple’s latest gains mean that the cryptocurrency has now been on the rise for the past eight days, gaining 54% over that period. The rally was initially sparked by an April 12 announcement that banking giant Banco Santander had launched a cross-border payment app using Ripple’s xCurrent product.
In today’s trading, the Ripple price stood at $0.831, as of 07:02 BST. The digital currency has gained 14.7% in the past 24 hours.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.