The Ripple price (XRP/USD) has managed to hold above the $0.50 mark despite experiencing a significant decline in the past 24 hours.
Ripple enjoyed some positive price action during yesterday’s morning session, which allowed it to briefly overtake Ethereum (ETH) as the second-largest digital coin by market capitalisation. Ripple’s rally reached its peak in the early afternoon, when the coin hit an intraday high of $0.566. However, the token experienced a sharp pull-back during the final hours of the session and finished the day in the negative territory. Ripple closed the Wednesday session at $0.516, slightly lower than its opening price of $0.520.
The coin has managed to edge higher in today’s trading. At the time of writing, the Ripple price was hovering around $0.52, having risen to as high as $0.532 earlier in the session.
Ripple’s most recent jump might have been partly driven by bullish comments made by Nigel Green, founder and CEO of investment advisor deVere Group, who forecast that the Ripple price would rise to $1 by the end of the year.
“Cryptocurrencies are the future of money and, clearly, XRP is proving to be one of the most useful cryptocurrencies for businesses, organizations, and individuals,” Green said, as quoted by Forbes. “The use of XRP is set to increase, and naturally, this will positively impact its price. I think it is likely that we’ll see it hit the $1.00 price level before year-end. It could even be double this in 12 months’ time as XRP adoption and usage soars.”
In an interview with CNBC on last week, 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. Sarbhai’s comment triggered a rally that led to the cryptocurrency hitting a 4-month high of $0.769 on Friday.
In today’s trading, the Ripple price stood at $0.528, as of 14:41 BST. The digital coin has lost 4.2% of its value in the past 24 hours.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.