The Ripple price (XRP/USD) has seen significant losses amid a strong downtrend that has dominated today’s morning session.
The third-largest digital currency had a difficult Wednesday session, with its price swinging between gains and losses. Having opened at $0.445, Ripple revisited the $0.45 level several times during the day. However, the rocky nature of the session prevented Ripple from gaining momentum an extending its advance beyond $0.452. The digital coin eventually finished the day at $0.450, up from its opening price of $0.445.
Ripple gave up these modest gains in today’s early trading, as it couldn’t overcome the strong downtrend affecting the cryptocurrency market. At roughly 09:25 BST, Ripple hit an intraday low of $0.433, which was also its lowest price level since June 29. Ripple has remained around that level in subsequent trading.
In other news, Ripple, the San Francisco-based start-up behind the cryptocurrency, announced yesterday that it had appointed Kahina Van Dyke, a former Facebook exec, as Ripple’s new senior vice president of business and corporate development.
In her most recent role, Van Dyke led the Global Financial Services team at Facebook, where developing new payment solutions and financial services. Her prior experience includes stints at traditional financial services institutions, such as Mastercard and Citibank.
Van Dyke said that she decided to join Ripple because the company’s tech “provides a real solution for eliminating the friction in cross-border payments, and it’s delivering value to real customers right now”.
In today’s trading, the Ripple price stood at $0.433, as of 12:40 BST. The digital coin has lost 3.4%of its value in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at just over $17 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.