The Ripple price (XRP/USD) has surged past the $0.50 mark following a market-wide upswing that developed in late Tuesday trading.
The third-largest digital currency experienced a decline in yesterday’s morning session, falling to an intraday low of $0.469, from its opening level of $0.481. The coin managed to bounce back in subsequent trading, but it remained unstable in large parts of the afternoon session, with its price swinging between gains and losses. However, the situation changed dramatically in late afternoon trading, as the Ripple price surged above the $0.50 mark for the first time in nearly two weeks. Ripple hit an intraday high of $0.516, before finishing the day at $0.505.
The Ripple price has seen more fluctuations, but has remained in the positive territory since the start of today’s session. Earlier today, the coin hit $0.519, which was its highest price level since June 22. It has since retreated to lower levels and is currently hovering around $0.51, according to data from cryptocurrency tracker Coinmarketcap.
The digital currency sector has enjoyed some positive news this week, which has had a notable impact on the market sentiment. The recent news that asset management giant BlackRock has interest in blockchain provided a welcome boost to Ripple and its crypto peers on Monday. Yesterday investors reacted positively to the announcement that credit card company Mastercard had won a US patent for a method of speeding up blockchain-based transactions. Most digital currencies have seen sharp price increases following the news.
In today’s trading, the Ripple price stood at $0.510, as of 11:00 BST. The digital coin has gained 7.6% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at just over $20 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.