The Ripple price (XRP/USD) has managed to stabilise over $0.60 after overcoming some early struggles on Thursday.
The third-largest cryptocurrency on the market saw a few price swings on Wednesday before eventually finishing the session without making significant progress. The digital coin started off, strongly, rising to a five-day high of $0.627 in the morning part of the session. However, the cryptocurrency experienced a sharp drop in the afternoon, falling to an intraday low of $0.590. It saw another uptick in the final hours of the session, which allowed it to close at $0.605, just a bit higher than its opening level.
While Ripple experienced another dip below $0.60 in the early hours of today’s session, it has managed to bounce back in subsequent trading. At the time of writing, the Ripple price was hovering around $0.61, according to data from cryptocurrency tracker Coinmarketcap.
During an interview on CNBC’s “Power Lunch” programme on Wednesday, Ripple CEO Brad Garlinghouse said that the company, which is behind the XRP token, had had a record first quarter, signing 20 production contracts with new firms. However, these developments did little to prop up XRP, as the cryptocurrency lost 70% of its value in the first three months of the year. Although the entire crypto sector suffered a heavy blow during that period, XRP was the worst performer among major digital coins, CNBC notes.
“It's still a nascent industry, the speculation in the market dominates the trading activity," Garlinghouse said, as quoted by the network. "I think it's a matter of time until people better understand the different use cases.”
In today’s trading, the Ripple price stood at $0.615, as of 15:44 BST. The digital coin has gained 1.4% in the past 24 hours.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.