The Ripple price (XRP/USD) has seen some losses over the past 24 hours after a recent rally has seemingly cooled down.
The third-largest digital currency enjoyed some strong trading over the weekend, especially on Saturday, when its price rose by nearly 6% to close the session at $0.571. The digital coin continued its advance in the following session, when it hit a nine-day high on $0.618, before eventually finishing the day at $0.581.
Fuelling Ripple’s rally was a major development related to the token’s underlying technology. On Friday, Ripple, the company that developed both the XRP token and its protocol, announced a “key feature” called ‘multi-hop’, which allows members of RippleNet – Ripple’s blockchain-powered enterprise network – to “to settle frictionless payments on behalf of other financial institutions on the network”. Siam Commercial Bank (SCB) would be the first financial institution on RippleNet to pioneer the feature, Ripple said in a blog post.
“Using multi-hop, SCB will be able to receive and forward on a payment without a bilateral relationship between the originator and beneficiary institutions,” Ripple added.
The company also claimed that the benefits of the new feature would not be limited to the financial institutions. “Now, the customers of RippleNet institutions, including remitters and SMEs, will see their payments settle faster, cheaper and more transparently,” the company said.
Expectations about Ripple’s annual conference, Swell, likely gave additional boost to the Ripple price. The event starts today, with US president Bill Clinton listed as a keynote speaker. In addition, “some of the biggest names in payments and technology”, including: Ed Metzger from Banco Santander; Tokunboh Ishmael from Alitheia Capital; Honorable Sunil Sabharwal from the IMF; Colin Dinn from Siam Commercial Bank; Prajit Nanu from InstaReM; and R.J. Pittman, former Chief Product Officer of eBay.
In today’s trading, the Ripple price stood at $0.579, as of 12:52 BST. The digital coin has lost 4.7% of its value in the past 24 hours.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.