The Ripple price (XRP/USD) has seen significant gains in the past 24 hours amid a strong rebound seen across the wider cryptocurrency market.
The third-largest cryptocurrency by market capitalisation performed strongly on Thursday afternoon, overcoming a disappointing morning session, in which it dropped to an intraday low of $0.771. The cryptocurrency finished the session at $0.852, significantly higher than it opening price of $0.801.
Today, Ripple has for the most part managed to defend its Thursday gains. The cryptocurrency experienced some problems early on, with its price falling to an intraday low of $0.826. The coin has since managed to pare its losses and it’s currently trading around the level of yesterday’s close.
At the same time, Ripple’s has seen a significant drop in market activity, recent market data suggests. While the coin’s 24-hour trading volume currently stands at a healthy $800 million, this is well below the $1 billion that was generated during yesterday’s trading session.
South Korea’s Bithumb exchange remains the most popular destination for XRP trading, as it has captured 20.4% of the global market activity. Japanese trading platform Bitbank comes in second with a 12.1% share.
Earlier this week Ripple, the San Francisco start-up behind XRP, published a market update, revealing that in the first quarter of the year, XRP had posted a record quarterly trading volume of $160 billion and its share of the total market volume grew to 6.9%. According to the company, this was driven by 18 new venues listing XRP, bringing the total number of exchanges supporting the coin to over 60.
In today’s trading, the Ripple price stood at $0.854, as of 12:40 BST. The cryptocurrency has gained 5.9% in the past 24 hours, according to data from Coinmarketcap.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.