Ripple price (XRP/USD) pulls back after hitting two-week high

The third-largest cryptocurrency continues trading well above $0.30 after Tuesday monster gain

Ripple price (XRP/USD) pulls back after hitting two-week high

The Ripple price (XRP/USD) has hit a near two-week high after experiencing massive gains in yesterday’s afternoon session.

The third-largest digital currency was relatively quiet during yesterday’s morning session, with its price hovering around $0.275. However, the coin’s performance changed drastically in the early afternoon trading, as its price experienced a sharp surge, which allowed it to break through the $0.32 mark for the first time in nine days. The coin rose to as high as $0.332, a level it hadn’t reached since September 5. Bitcoin eventually finished the session at $0.321, well above its opening price of $0.271.

Ripple made an attempt to revisit its yesterday highs, rising to an intraday high of $0.334 in today’s morning trading. However, the coin has pulled back in more recent trading and is currently trading around the $0.315 level.

Ripple’s recent surge was likely the result of a delayed reaction to the recent news 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 on Monday.

XRapid is a cross-border payment solution that uses the XRP crypto token as a bridge between different fiat currencies.

 In today’s trading, the Ripple price stood at $0.314, as of 13:06 BST. The digital coin has gained 6.2% in the past 24 hours, according to data from digital currency tracker Coinmarketcap. Its total market cap currently stands at just over $12.5 billion.

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

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