The Ripple price (XRP/USD) has edged lower in today’s trading, failing to hold on to earlier gains.
After a slow start on Wednesday, the third-largest cryptocurrency enjoyed solid trading throughout the rest of the day. The digital coin finished the session at $0.859, up from an opening price of $0.839.
Ripple saw a significant increase in the early hours of today’s trading session, with its price rising to an intraday high of $0.873. However, the cryptocurrency has since pulled back to lower levels and its price is currently hovering around $0.85.
In other XRP news, Ripple, the San Francisco-based startup behind the cryptocurrency, came under fire on Tuesday, during a hearing on cryptocurrencies and blockchain technology at the UK parliament. Ripple’s director of regulatory relations Ryan Zagone was one of four panellists that testified before the UK Treasury Committee. During his testimony, Zagone said that the ability to track money transfers was a core benefit of the company’s technology.
“We focus on cross-border payments where to date privacy was a painful process. Cross-border payment would take two days, you wouldn’t be able to track the payment and you wouldn’t know the fees upfront. So, it wasn’t until two days you’d find out how much was taken out as a fee,” Zagone said, as quoted by CCN.
However, those claims were challenged by Martin Walker, director of the non-profit Centre for Evidence Based Management and a former product developer at blockchain consortium R3.
“Simply having a blockchain doesn’t actually get people to update the status of where a payment is,” said Walker, who also criticised the XRP token for its volatility and lack of liquidity.
“Putting cryptocurrencies into the financial sector is a huge source of risk. What happens if the liquidity dries up? We saw in the financial crisis that even dollar liquidity can dry up,” he said.
In today’s trading, the Ripple price stood at $0.855, as of 12:59 BST. The digital coin has gained 0.2% in the past 24 hours and it market capitalisation currently stands at $33.5 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.