Ripple price (XRP/USD) fails to defend early Monday gains

The digital coin receives a temporary boost following launch of SBI-backed exchange

Ripple price (XRP/USD) fails to defend early Monday gains

The Ripple price (XRP/USD) has seen a sharp price correction after a strong start to today’s session.

The third-largest cryptocurrency on the market experienced a big spike in today’s early trading, with the increase likely driven by the launch of an XRP-focused exchange by Japanese financial giant SBI Holdings.

The Japanese firm announced today that the service, called VCTRADE, was currently open to users pre-registered with the exchange in October. SBI added that it expected the service to be available for a wider public next month.

For now, VCTRADE will focus on XRP trading, but SBI intends to add Bitcoin (BTC) and Bitcoin Cash (BCH) in the future.

As noted by industry website Coindesk, which reported on the development, the decision to initially focus on XRP is not that surprising, given the existing relationship between SBI and Ripple, the San Francisco-based start-up behind the cryptocurrency. Over two years ago the two firms launched a joint venture called SBI Ripple Asia, which was tasked with promoting Ripple’s distributed ledger technology among financial institutions in Japan and Asia. Since then, the entity has worked on a number of pilots of the technology, a large scale cross-border payment pilot, involving a number of Japanese and South Korean banks.

The Ripple price jumped to a near two-week high of $0.703 in the early hours of today’s trading, which market its first break above the $0.70 level since May 21. However, the cryptocurrency experienced a significant pullback later in the morning session, retreating to levels below yesterday’s close of $0.671.

As of 16:22 BST, the Ripple price stood at $0.652, according to data from cryptocurrency tracker Coinmarketcap. The digital coin as lost 2.6% of its value in the past 24 hours. Its total market capitalization currently stands at nearly $25.5 billion.

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

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