The Ripple price (XRP/USD) has seen significant gains on Tuesday, outperforming its major digital currency rivals.
Like many other digital coins, the third-largest cryptocurrency had a disappointing end to yesterday’s session, even though it had enjoyed a relatively stable morning trading. However, the coin experienced a major price correction in the afternoon, which pushed its price down to a four-day low of $0.268. The coin eventually closed the session at $0.272, down from its opening price level of $0.281.
Following yesterday’s slump, Ripple had a quiet morning session today, with its price moving within a tight range in the low-$0.27 area. However, in the early afternoon the coin experienced a sharp increase, surging by more than 10% to reclaim the $0.30 level.
Notably, other major coins like Bitcoin (BTC) and Ethereum (ETH) have enjoyed price jumps of their own, allowing them to recoup much of their Monday losses. Even so, they have been completely overshadowed by Ripple, which recently hit a near two-week high of $0.32.
Ripple has enjoyed some positive news lately, which may explain why it’s outperforming the broader market by such a big margin. In was reported yesterday that the San Francisco-based company that created the XRP crypto token was close to launching a commercial application of its xRapid product.
“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production,” Ripple’s head of regulatory relations for Asia-Pacific and the Middle East, Sagar Sarbhai,” said in an interview with CNBC.
In today’s trading, the Ripple price stood at $0.326, as of 15:33 BST. The coin has gained nearly 18% in the past 24 hours, according to data from digital currency tracker Coinmarketcap.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.