The Ripple price (XRP/USD) has largely traded sideways on Tuesday, hovering just above the level of its Monday close.
Like some of its largest crypto rivals, Ripple experienced a surge in yesterday’s afternoon trading, which allowed it to recover losses incurred earlier in the session. In late Monday trading, the cryptocurrency, which had fallen to as low as $0.707 in the morning, hit an intraday high of $0.756, before eventually closing at $0.740.
Today, the cryptocurrency has largely remained around those levels and its price is currently hovering around $0.74, according to data from Coinmarketcap.
In other news, Standard Chartered, Mitsubishi Corp and Bank of Ayudhya (Krungsri) – a Thailand-based subsidiary of MUFG Bank – announced yesterday a pilot test for payments between Singapore and Thailand using Ripple’s xCurrent solution. Ripple wrote in a blog post that the goal of the plot was demonstrate the commercial viability of delivering high-speed cross-border payments between independent banks.
Also yesterday, Ripple announced that it was launching a new investment initiative, called Xpring, to “invest in, incubate, acquire and provide grants to companies and projects run by proven entrepreneurs”. The projects backed by the programme will use XRP and the EXP Ledger to “solve their customers’ problems in a transformative way”.
Ripple has hired Ethan Beard, formerly director of the Facebook Developer Network, to lead the initiative.
“Blockchain and digital assets have the ability to solve important problems and XRP – with it’s speed, scalability and demonstrated real-world use case – is a great tool for startups and entrepreneurs to build businesses around,” Beard commented after his appointment as senior vice president at Ripple.
In today’s trading, the Ripple price stood at $0.743, as of 14:06 BST. The digital currency has gained 1.5% in the past 24 hours.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.