The Ripple price (XRP/USD) has managed to rebound from a one-month low, but its progress on Wednesday has been hindered by frequent fluctuations.
The third-largest digital currency on the market had a largely disappointing trading session yesterday, as its price experienced a strong decline in the afternoon that negated the small progress the coin had made in the morning session. Ripple tumbled to a near one-month high of $0.255 in the afternoon, before closing the session at $0.263. While limiting the losses, Ripple still ended the session well below its opening level of $0.270.
While Ripple enjoyed a strong start today, rising to an intraday high of $0.267, it has pulled back to lower levels in subsequent trading. The coin has seen multiple price fluctuations throughout the day and revisited its Tuesday low following a couple of sharp downswings. The coin has experienced another uptick in recent trading and is currently trading around $0.26.
The constant back-and-forth appears to have contributed to a significant increase in Ripple’s trading volume. Recent market data shows that some $263 million worth of XRP tokens have changed hands over the past 24 hours. This is significantly more than the $200 million of daily volume generated on Tuesday, which suggests that the market activity has been stronger on Wednesday.
The increase also appears to be primarily driven by a surge in XRP trading on crypto exchange ZB.com. The Hong Kong-based exchange has been the most popular destination for Ripple trading in the past 24 hours, as it has captured 19.2% of all trades.
In today’s trading, the Ripple price stood at $0.262, as of 15:58 BST. The digital coin has gained 0.5% over the past 24 hours, according to data from digital currency tracker Coinmarketcap. Its total market cap currently stands at $10.4 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.