The Ripple price (XRP/USD) has edged lower on Thursday, as the wider cryptocurrency market appears to be enjoying a rare respite from the relentless selling pressure that has marked this week.
The third-largest cryptocurrency on the market fell below the $0.55 mark following a steep decline that took place toward the end of yesterday’s morning session. Ripple saw another significant drop in the afternoon, which led to the coin hitting a two-month low of 0.517, according to Coinmarketcap. However, Ripple’s performance improved in the final hours of the session, which allowed the coin to finish the day at $0.534. Still, this was significantly lower than Ripple’s opening price of $0.562.
While Ripple finished the Wednesday session in the red, the cryptocurrency has been able to rally further in today’s trading. An early spike helped the coin to reclaim the $0.55 level, which Ripple has since managed to successfully defend. At the time of writing, the Ripple price was hovering around $0.555.
The wider digital currency market also appears to be more upbeat today, with major digital coins having recovered some of the losses posted during yesterday’s session. The Bitcoin price, for example, has returned above the $6,500 mark, while other top 10 digital currencies, such as Ethereum, EOS and Cardano have also seen solid gains in the past 24 hours.
Ripple’s 24-hour trading volume currently stands at $370.4 million, with Japanese exchange Bitbank accounting for 22.6% of all trades. South Korean crypto-trading platform Bithumb ranks second among XRP-trading exchanges, with a more modest 9.8% share.
In today’s trading, the Ripple price stood at $0.556, as of 13:02 BST. The digital coin has gained 3.5% in the past 24 hours. Its total market capitalisation currently stands at $21.8 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.