The Ripple price (XRP/USD) has topped the 0.35 mark following an announcement of a partnership with a major US bank.
The third-largest digital currency on the market enjoyed some positive price action in the early hours of yesterday’s session, benefitting from a monster rally that lifted its price above the $0.32 mark on Tuesday. However, after hitting a two-week high of $0.334, the coin experienced a pull-back that eventually led to its price dropping below the $0.33 mark.
Ripple continued to struggle in the afternoon, with its price swinging wildly between gains and losses. The cryptocurrency fell to an intraday low of $0.313 following a sharp drop in the final hours of the session. The drop coincided with a similar decline in the price of Bitcoin (BTC). Like its bigger crypto rival, however, Ripple bounced back almost immediately and reclaimed the $0.32 mark. The coin finished the session at $0.326, up from its opening level of $0.320.
Ripple has been much more stable since the start of today’s trading. After a relatively calm early trading session, the coin has seen another strong uptick that has brought its price within striking distance of the $0.35 mark.
The most recent advance is likely being driven by the recent announcement that major US lender PNC Bank has joined RippleNet, the blockchain-based network developed by San Francisco-based DLT startup Ripple. The company, which also developed the XRP token, announced the news in a blog post published on Wednesday.
“PNC has a diverse set of customers, including consumers, small businesses and large corporates,” Ripple said. “Ripple’s technology will have an immediate impact on each of those groups, enabling PNC’s commercial clients to receive payments from overseas banks in real time.”
In today’s trading, the Ripple price stood at $0.351, as of 12:22 BST. The digital coin has gained 9.5% over the past 24 hours, according to data from cryptocurrency tracker Coinmarkecap.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.