The Ripple price (XRP/USD) has been struggling to recover from a late Sunday drop, with its momentum hindered by thin trading volumes.
The third-largest digital currency enjoyed some positive price action yesterday, especially in the afternoon, when it managed to top the $0.46 mark following a steady advance. However, the digital coin gave up all of its earlier gains amid a big sell-off that hit the crypto market in the final hours of the session. Ripple finished the day at $0.449, down from its opening level of $0.455.
Ripple managed to rebound in the early hours of today’s trading, with its price returning above the $0.46 level. However, the rally ran out of steam rather quickly and the cryptocurrency pulled back towards the $0.45 level. At the time of writing, the Ripple price was hovering below the $0.455 mark, according to data from digital currency tracker Coinmarketcap.
Ripple’s recovery chances have been hindered by low market activity, with trading volumes having dropped to below $200 million. Recent market data shows that just over $190 million worth of XRP tokens have changed hands over the past 24 hours, making Ripple one of the least-traded digital coins in the crypto top 10. In contrast, Ripple’s daily trading volumes surged to well above $300 million on Tuesday and Wednesday, supporting the coin’s run above the $0.50 barrier during these sessions.
Japanese crypto exchange Bitbank remains the most popular destination for Ripple trading, having captured $17.5% of the current 24-hour volume. The world’s largest digital currency exchange Binance is a close second with a 15.5% share.
In today’s trading, the Ripple price stood at $0.454, as of 11:03 BST. The digital coin has gained 0.3% in the past 24 hours, Coinmarketcap data shows. Its total market cap currently stands at $17.8 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.