The Ripple price (XRP/USD) has seen significant losses over the past 24 hours amid a larger downtrend observed across the cryptocurrency market.
The digital currency performed poorly on Tuesday, with its price falling gradually throughout the session. It experienced a slight uptick near the end of the session, but then pulled back to finish the day at an intraday low of $0.456. This was significantly lower than Ripple’s opening level of $0.482.
The digital currency has managed to recover some of its losses on Wednesday, although it seems that the coin does not have enough momentum to sustain a more meaningful rally. Having tumbled to an intraday low of $0.451 at the start of the session, Ripple bounced back, with its price rising to as high as $0.468 in late morning trading. However, the coin has again retreated to lower levels in more recent trading. At the time of writing, the Ripple price was hovering around $0.46, according to data from digital currency tracker Coinmarketcap.
Ripple’s poor performance mirrors a larger cryptocurrency downtrend. Most major digital coins have suffered significant losses over the past 24 hours, with Cardano (ADA) being the worst performer in the crypto top 10, having lost 4.9% of its value. Bitcoin Cash (BCH), Stellar (XLM) and EOS have also lost more than 4% over the same period.
In today’s trading, the Ripple price stood at $0.461, as of 13:56 BST. The digital coin has lost 3.2% of its value in the past 24 hours, Coinmarketcap data shows. The coin currently has a market cap of $18.1 billion, which makes it the third-largest cryptocurrency on the market, behind Bitcoin (BTC) and Ethereum (ETH).
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.