The Ripple price (XRP/USD) has fallen to its lowest levels in nearly six weeks, as the wider cryptocurrency market has suffered another big sell-off over the past 24 hours.
The digital currency had another disappointing session on Tuesday, losing more than 5% of its value during the day. The digital coin finished the session at $0.645, which was its lowest close since April 14.
Ripple has continued to decline in today’s trading, with its price plunging towards the $0.60 mark. The coin hit an intraday low of $0.615, its lowest price level since April 13, in the morning session, though it has managed to bounce back in more recent trading. At the time of writing, the Ripple price was hovering around $0.62, according to data from cryptocurrency tracker Coinmarketcap.
Ripple appears to be experiencing higher market activity today, likely as a result of the increased selling pressure. Recent data shows that nearly $364 million worth of XRP tokens have changed hands in the past 24 hours, significantly more than the $234.7 million of trades processed by global digital currency exchange on Tuesday.
Japanese crypto trading platform Bitbank remains the most popular destination for Ripple trading, having captured just over 20% of the 24-hour volume. Major South Korean exchange Bithumb comes in second with an 11.6%, share, while OKEx, the world’s largest crypto exchange by trading volume, ranks third with a 10.6% share.
In today’s trading, the Ripple price stood at $0.619, as of 12:24 BST. The digital coin has lost 7.7% of its value in the past 24 hours, Coinmarketcap data shows. The token currently has a total market capitalisation of $24.28 billion, which makes it the third-largest cryptocurrency on the market, behind Bitcoin (BTC) and Ethereum (ETH).
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.