Ripple price (XRP/USD) fails to defend Friday gains

The third largest cryptocurrency sees significant pull-back over the weekend

Ripple price (XRP/USD) fails to defend Friday gains

The Ripple price (XRP/USD) has seen a significant pull-back after rising to a nine-day high on Friday.

The third-largest digital currency on the market hit an intraday high of $0.373 - its highest price level since June 8 – in late Friday trading, thanks to a strong performance during the day. The steady advance appeared to be largely driven by the August 16 news of Ripple partnering with three cryptocurrency exchanges to bolster its xRapid product.

However, the digital currency gave up most of these gains after a disappointing performance on Saturday, when it tumbled to a close of $0.327, from an opening level of $0.363. The coin improved its performance in the following session, but it didn’t have enough momentum to revisit its Friday highs and finished the session at $0.343.

Ripple has continued to swing between gains and losses in today’s trading. The coin enjoyed a strong start, with its price breaking above the $0.35 mark in the early hours of the session. However, it has since pulled back to lower levels and is currently hovering around the $0.335 level, according to data from digital currency tracker Coinmarketcap.

Ripple’s advance on Friday was supported by strong market activity, with its daily trading volume reaching almost $500 million, its highest level in two and a half months. The volumes have since seen a significant drop, but still remain relatively high compared to Ripple’s showings in recent months. At the time of writing, Ripple’s 24-hour trading volume was about $345 million.

In today’s trading, the Ripple price stood at $0.338, as of 12:52 BST. The digital coin has lost 1.9% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $13.3 billion.

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

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