Ripple price (XRP/USD) hits over one-week low amid crypto slump

The digital currency struggles amid thin trading volumes

Ripple price (XRP/USD) hits over one-week low amid crypto slump

The Ripple price (XRP/USD) has seen significant losses over the past 24 hours, amid a larger cryptocurrency decline.

The digital currency spent yesterday’s session trading in the $0.47 – $0.48 range. The virtual coin made several attempts to break out of that range in the afternoon, but it wasn’t able to extend its advance beyond the $0.480 level. The coin fell to a close of $0.474, which market the beginning of a strong downtrend that has persisted in today’s trading.

As a result, Ripple has seen further losses since the start of today’s session, with its price hitting its lowest price level in more than a week. The coin showed some resilience in the morning session, as it tried to defend the $0.46 level. Eventually, the Ripple price resumed its decline, hitting an intraday low of $0.447 in the afternoon. This is Ripple’s lowest price level since June 29.

At the time of writing, the price was hovering just above this level, according to data from digital currency tracker Coinmarketcap.

Ripple continues to struggle amid thin market volumes. Recent market data shows that just over $214 million worth of XRP tokens have changed hands in the past 24 hours. Binance, the world’s largest digital currency exchange, has been the most popular XRP-trading platform over that period, having captured 15.1% of that volume. HitBTC and Bitbank rank second and third, with 13.6% and 13.5%, respectively.

In today’s trading, the Ripple price stood at $0.449, as of 13:09 BST. The digital coin has lost nearly 6% of its value in the past 24 hours, Coinmarketcap data shows. The virtual token has a total market capitalisation of $17.6 billion, which makes it the third-largest digital coin on the market.

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

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