Ripple price (XRP/USD) edges lower on Thursday as early rally attempt fails

The digital coin unable to gain momentum amid thin trading volumes

Ripple price (XRP/USD) edges lower on Thursday as early rally attempt fails

The Ripple price (XRP/USD) has seen a few ups and downs over the past 24 hours, including a couple of failed attempts at launching a substantial rally.

Ripple saw a significant decline in the early hours of yesterday’s trading, mirroring a market-wide decline, triggered by news that a major South Korean exchange had been hacked.

After hitting an intraday low of $0.525, however, the digital coin stabilised and was able to recover some of its early losses. Ripple’s performance further improved in the afternoon, with the cryptocurrency surging to a high of $0.550 amid a larger market rebound. However, Ripple did not manage to defend these gains in the final hours of the session and eventually finished the session at $0.539, down from its opening level of $0.549.

Ripple has made another attempt to rally on Thursday, with its price rising to an intraday high of $0.546 in the early hours of the session. However, the rally has fizzled out in subsequent trading and the coin has dipped below the level of its Wednesday close. At the time of writing, the Ripple price was hovering around $0.535, according to data from cryptocurrency tracker Coinmarketcap.

Recent market data also suggests that Ripple’s trading volumes remain subdued, with some $216.6 million worth of the cryptocurrency having changed hands in the past 24 hours. Japanese cryptocurrency exchange Bitbank remains the most popular destination for XRP trades, having captured 18.8% of that volume.

In today’s trading, the Ripple price stood at $0.536, as of 14:06 BST. The digital currency has gained 0.4% in the past 24 hours, Coinmarktcap data shows. The coin currently has total market capitalisation of just over $21 billion, which makes it the third-largest digital currency, behind Bitcoin (BTC) and Ethereum (ETH).

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

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