The Ripple price (XRP/USD) has hit a more than 10-week low in today’s trading, amid a large sell-off affecting the wider cryptocurrency market.
The digital currency has some success in yesterday’s early morning trading, when its price rose to an intraday high of $0.547. However, the coin’s performance worsened in subsequent trading, especially in the afternoon, when its price fell to as low as $0.530. Despite experiencing a small uptick before the end of the session, Ripple finished the day at $0.534, down from its opening level of $0.539.
Ripple experienced a much more significant drop in the early hours of today’s trading, mirroring a trend observed across the cryptocurrency space. The coin has since extended its losses, falling towards the $0.50 mark. At the time of writing, the Ripple price was hovering around the $0.51 level, according to data from digital currency tracker Coinmarketcap. Earlier in the session, the price hit an intraday low of $0.507, which was its lowest level since April 12.
The decline of both Ripple and the wider crypto market was possibly triggered by news that Japan’s financial watchdog had issued business improvement orders to six local crypto exchanges - BitFlyer, Quoine, Bitbank, BITPoint, Tech Bureau and BtcBox.
Over the past few months, one of these exchanges, Bitbank, has established itself as the most popular destination for Ripple trading. Recent market data shows that Bitbank has once again retained its position, capturing 17.8% of the $245 million worth of XRP tokens that have changed hands in the past 24 hours. The world’s largest digital currency exchange Binance accounts for 15.5% of that volume.
In today’s trading, the Ripple price stood at $0.504, as of 14:13 BST. The coin has lost 5.9% of its value in the past 24 hours.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.