Ripple price (XRP/USD) pares early losses to return above $0.70

The cryptocurrency market attempts to recover from recent slump

Ripple price (XRP/USD) pares early losses to return above $0.70

The Ripple (XRP) has managed to bounce back after a slow start that saw its price dropping to a four-day low below the $0.70 mark.

The third-largest cryptocurrency on the market experienced a significand decline in yesterday’s afternoon trading, falling from an intraday high of $0.752 to as low as $0.692. The digital coin finished the day at $0.698, significantly lower than its opening level of $0.738.

The decline continued in today’s early trading, with the Ripple price hitting a four-day low of $0.669. However, the cryptocurrency has managed to recover its losses in more recent trading and is currently hovering around the $0.70 level, according to data from cryptocurrency tracker Coinmarketcap.

The wider cryptocurrency market has experienced a similar pattern of falling sharply in late Tuesday and early Wednesday trading, and rebounding more recently. The crypto market’s size shrank to $272.5 billion earlier in the session, but it has since recovered more than $14 billion thanks to the recent uptick in digital currency prices.

Ripple has seen an improvement in terms of trading volume, with $490 million worth of XRP tokens having changed hands over the past 24 hours. This is significantly more than the $423 billion traded on global exchanges on Tuesday.

South Korea’s crypto exchange Bithumb has reclaimed its position as the leading platform for XRP trades by capturing 16.2% of the 24-hour volume, though Japanese exchange Bitbank remains a close second with a 15.4% share. Chinese platform  OKEx comes in third with a 9.1% share.

In today’s trading, the Ripple price stood at $0.701, as of 13:06 BST. The digital currency has lost 5.9% of its value in the past 24 hours. The coin’s total market capitalisation currently stands at $27.5 billion.

For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.

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