The Ripple price (XRP/USD) is looking to establish a secure position above the $0.90 level after it broke through the barrier in today’s early trading.
The third-largest cryptocurrency on the market had a lacklustre Monday session, mostly trading in the $0.87-$0.88 range. The digital coin finished the day at $0.876, slightly higher than its opening level of $0.866.
Ripple’s performance improved significantly in today’s morning session, with the coin’s price experiencing a strong uptick shortly after the start of the session. The digital currency rose to an intraday high of $0.929, before retreating to slightly lower levels in more recent trading. According to data from cryptocurrency tracker Coinmarketcap, the Ripple price is currently hovering around $0.92.
Meanwile, Ripple has also seen a significant improvement in terms of market activity, with its 24-hour volume rising to just over $1 billion. Recent market data shows that nearly a quarter of this volume has been processed by South Korea’s Bithumb cryptocurrency exchange. Bithumb’s local rival Upbit accounts for 15.3% of the volume, while Japanese trading platform Bitbank has an 8.8% share of the global market activity.
In other XRP news, Gary Gensler, the former chairman of the Commodity Futures Trading Commission (CFTC) and currently senior lecturer at the Massachusetts Institute of Technology, has opined that Ripple and larger crypto rival Ethhereum (ETH) could probably be classified as securities.
Speaking at a blockchain conference at MIT on Monday, Gensler noted that Ripple and Ether were similar to securities in that a common enterprise was behind the assets. In contrast, other popular digital currencies such as Bitcoin (BTC), Litecoin (LTC) and Bitcoin Cash (BCH), probably would not be classified as securities, Gensler added, as cited by Bloomberg.
In today’s trading, the Ripple price stood at $0.919, as of 12:00 BST. The digital coin has gained 5% in the past 24 hours.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.