The Ripple price (XRP/USD) has hit a two-month high after gaining a whopping 44% over the past 24 hours.
The third-largest digital currency had an uneventful morning session on Thursday, with its price hovering around the $0.325 level. Then, in the early afternoon trading the coin experienced its first big uptick for the day, breaking above the $0.35 mark. The coin’s second surge, which came in the final hours of the session, was even more impressive. The Ripple price rose to as high as $0.477, which was its highest level since July 19, according to data from digital currency tracker Coinmarketcap. The coin eventually finished the session at $0.449, well above its opening level of $0.326.
Ripple has resumed its advance in today’s morning trading, although the coin’s rally has started to show signs of slowing down. The token rose to an intraday high of $0.474 in the early hours of the session, but has since returned to sub-$0.47 levels.
Ripple’s rally has been supported by massive increase in trading volume. Nearly, $1.3 billion worth of XRP tokens changed hands yesterday, marking the first time Ripple’s daily trading volume had passed $1 billion in more than four months. Ripple’s 24-hour volume currently stands at $1.75 billion, suggesting that the market activity has been even stronger in today’s trading.
The rally follows some positive news around Ripple, the company that developed XRP and its distributed ledger protocol. In an interview with CNBC on Monday, Ripple’s head of regulatory relations for Asia-Pacific and the Middle East, Sagar Sarbhai indicated that the company was close to releasing a commercial version of its XRP-based cross-border payment solution xRapid. On Wednesday, the company announced that major US lender PNC Bank had joined its enterprise blockchain network RippleNet, becoming the latest financial institution to adopt its other product xCurrent.
In today’s trading, the Ripple price stood at $0.471, as of 09:12 BST. The digital coin has gained 44.7% in the past 24 hours. Its total market cap currently stands at $18.7 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.