The Ripple price (XRP/USD) remains on a firm downward trajectory, having lost more than 10%of its value in the past 24 hours.
Ripple was the standout performer last week, as its price posted a weekly gain of around 100%, but the coin’s performance has taken a turn for the worse over the past couple of sessions. The coin experienced a particularly severe correction yesterday, dropping to a close of $0.494, down from its opening level of $0.570.
The coin has seen further losses in today’s morning trading, with its price falling to a four-day low of $0.443. While it has since picked up slightly, it currently remains well below the $0.50 mark. At the time of writing, the Ripple price was hovering around the $0.45 level, according to data from digital currency tracker Coinmarketcap.
Ripple’s last week rally was driven by some positive development regarding the token’s underlying protocol. Most notably, 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.
The coin recorded a daily trading volume of over $4 billion - its highest in more than seven months - during the Friday session, which marked the peak of its rally, as well as the start of the ongoing corrective trend. While the market activity has since cooled down significantly, it still remains much stronger than it has been in the past few months. According to recent market data, Ripple’s 24-hour trading volume currently stands at $1.1 billion.
In today’s trading, the Ripple price stood at $0.448, as of 12:23 BST. The coin has lost 14.4% of its value in the past 24 hours, Coinmarketcap data shows.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.