The Ripple price (XRP/USD) has hit a one-month low as the wider cryptocurrency market has been hit by another big sell-off on Wednesday
The third-largest cryptocurrency on the market had a relatively stable morning session on Tuesday, as it was at least able to keep its losses in check. However, the situation changed in the afternoon, with the digital currency tumbling to an intraday low of $0.556. The coin eventually finished the day at $0.562, significantly lower than its opening price of $0.602.
The early hours of today’s trading were somewhat rocky for Ripple, with its price wobbling around the $0.60 level. The rocky start was followed by another steep drop, which took the Ripple price to an intraday low of $0.531. This was Ripple’s lowest price level since April 12, according to data from cryptocurrency tracker Coinmarketcap. At the time of writing, the Ripple price was hovering around the $0.54 mark.
Ripple’s decline is in line with strong downtrend affecting the wider cryptocurrency market. Nearly all digital coins in the top 100 have suffered heavy losses over the past 24 hours. The original cryptocurrency, Bitcoin (BTC), has dipped below the $6,500 mark after losing more than 5% of its value in that period. Other major coins, such as Ethereum (ETH), Bitcoin Cash (BCH), EOS and Cardano (ADA) are experiencing even steeper declines.
According to recent market data, Ripple’s 24-hour trading volume currently stands at $335.5 million. Japanese crypto trading platform Bitbank has captured 20.8% of that volume. The world’s No. 1 and No. 2 crypto exchanges, Binance and OKEx, account for 11.4% and 8.8%, respectively.
In today’s trading, the Ripple price stood at $0.538, as of 13:23 BST. The digital coin has lost 8.6% of its value in the past 24 hours. The coin’s total market cap currently stands at $21.1 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.