Ripple price (XRP/USD) falls to more than two-month low on Monday

The cryptocurrency slowly descends toward the $0.50 support level

Ripple price (XRP/USD) falls to more than two-month low on Monday

The Ripple price (XRP/USD) has hit its lowest price level in more than two months amid a continuing downtrend affecting the crypto market.

The third-largest cryptocurrency on the market saw some losses over the weekend, though it avoided major drops. The digital coin spent the Sunday session trading in a tight range. Having opened the session at $0.535, Ripple fell by as much as one cent, before eventually finishing the day at $0.528.

Today, the coin has continued its gradual descent toward the $0.50 level. Early in the afternoon portion of the session, Ripple hit an intraday low of $0.512, which was the coin’s lowest price level since April 12. At the time of writing, the Ripple price was still hovering around that level, according to cryptocurrency tracker Coinmarketcap.

Ripple’s performance is in line with a larger downtrend observed across the digital currency market. Most major cryptocurrencies, including all top 10 digital coins, have posted losses over the past 24 hours. IOTA has been the worst performing top 10 coin during that period, with its price down by more than five percent. Ripple’s larger rivals Bitcoin (BTC) and Ethereum (ETH), have declined by 0.9% and 1%, respectively.

Recent market data suggests that Ripple has seen an improvement in terms of market activity, though the 24-hour trading volume currently stands at a not particularly impressive $211.3 million. Still, this is significantly higher than the $166 million generated during yesterday’s session.

Japanese cryptocurrency exchange Bitbank remains the most popular destination for XRP trades, having captured 19.5% of the volume.

In today’s trading, the Ripple price stood at $0.512, as of 14:23 BST. The digital coin has lost 3.4% of its value in the past 24 hours. The coin’s total market cap currently stands at $20.1 billion.

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

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