The Ripple price (XRP/USD) has fallen to its lowest level in more than three weeks, after experiencing a sharp drop in today’s morning session.
While yesterday’s trading was not particularly successful for Ripple, the third-largest cryptocurrency on the market spent the better part of the session hovering around its opening level of just over $0.80. However, the situation changed toward the end of the day, with Ripple tumbling toward the $0.75 level. The digital coin eventually ended the session at $0.758.
While Ripple continued to trade around this level in the early hours of today’s trading, it experienced a sharp drop later in the morning session, with its price falling to as low as $0.662, its lowest level since April 18. The cryptocoin has since recovered some of the losses, though it has remained well below the $0.70 mark. At the time of writing, the Ripple price was hovering around $0.67, according to data from cryptocurrency tracker Coinmarketcap.
Ripple’s losses are consistent with a strong downtrend affecting most cryptocurrencies. The original cryptocurrency Bitcoin has fallen below the $9,000 level, while the second-largest coin, Ethereum, dropped below the $700 mark for the first time since May 3. Ripple and the rest of the cryptocurrency top 10 have all seen double-digit percentage losses in the past 24 hours.
In other Ripple news, the San Francsco-based start-up behind the cryptocurrency yesterday released aggregated results from several pilots for xRapid, the company’s product that utilises the XRP token. The company said that financial institutions participating in the pilots had seen savings of 40-70% compared to what they normally pay foreign exchange brokers. In addition, average xRapid payment took just over two minutes, compared to today’s average of two to three days when sending cross-border payments, Ripple said.
In today’s trading, the Ripple price stood at $0.671, as o 13:03 BST. The digital coin has lost 16.1% in the past 24 hours.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.