The Ripple price (XRP/USD) has pulled back on Tuesday as the recent crypto rally has seemingly come to a halt.
The digital currency received a strong boost yesterday following a report that the world’s largest asset manager, BlackRock, was looking into cryptocurrencies and blockchain. The report was later confirmed by BlackRock’s chief executive officer Larry Fink, who said that the company had set up a working group to look into digital currencies and blockchain. The news fuelled a steady rally, which allowed Ripple to reach its highest price level in more than a week. The digital coin closed the session at an eight-day high of $0.483, up from its opening level of $0.446.
After holding the $0.48 level in the early hours of today’s session, Ripple has experienced a decline in more recent trading, falling to as low as $0.469. At the time of writing, the Ripple price was hovering around $0.475, according to data from digital currency tracker Coinmarketcap.
Ripple has also seen a significant improvement in terms of market activity. Recent market data shows that nearly $300 million worth of XRP tokens have changed hands over the past 24 hours.
Japanese crypto exchange Bitbank remains the most popular destination for XRP trading, having captured 26.7% of that volume. Binance, the world’s largest crypto exchange by trading volume, remains a distant second with its 14.6% share, while Huobi accounts for just over 10% of all trades.
In today’s trading, the Ripple price stood at $0.475, as of 09:14 BST. The digital currency has gained 6.6% in the past 24 hours, Coinmarketcap data shows. The coin currently has market cap of $18.65 billion, which makes it the third-largest digital currency, after Bitcoin (BTC) and Ethereum (ETH).
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.