The Ripple price (XRP/USD) fell sharply in the early hours of today’s trading, unable to capitalise on a strong Wednesday finish.
The third-largest cryptocurrency on the market struggled in the early hours of yesterday’s session, with its price still under the influence of a strong downtrend that develop in late Tuesday trading. The sharp drop caused the Ripple price to hit an intraday low of $0.451 shortly after the start of the session. However, the digital coin managed to rally in subsequent trading, especially in the afternoon, when its price rose to an intraday high of $0.472. The coin eventually finished the day at $0.470, up from its opening price of $0.455.
However, Ripple has been unable to defend these gains after the downtrend reemerged in today’s early trading. The coin tumbled in the morning, falling to as low as $0.459. At the time of writing, the Ripple price was hovering around $0.46, according to data from digital currency tracker Coinmarketcap.
Meanwhile, Ripple continues to experience subdued market activity. Recent market data shows that just over $209 million worth of XRP tokens have changed hands over the past 24 hours. This is roughly in line with the trading volume that was generated on global crypto exchanges on Wednesday.
Interestingly, Japanese crypto exchange Bitbank has seen a large drop in volume processed on its platform. This has allowed Binance to overtake the Japanese platform as the most popular destination for XRP trades. The world’s second-largest crypto exchange accounts for 14.4% of the global market activity, while Bitbank captures 12.6% of the volume.
In today’s trading, the Ripple price stood at $0.459, as of 12:38 BST. The digital coin has lost 0.9% of its value in the past 24 hours, Coinmarketcap data shows.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.