The Ripple price (XRP/USD) has declined on Tuesday, despite some major announcements coming out of Ripple’s annual conference.
The third-largest digital currency on the market experienced some major price fluctuations on Monday. While the token briefly topped the $0.60 mark in the early hours of the session, it spent the rest of the day below that level. The coin saw a sharp drop in the afternoon session, with its price falling to an intraday low of $0.544. However, Ripple managed to mitigate its losses for the day, bouncing back in late trading. It closed the session at $0.576, down from its opening price of $0.583.
Ripple has been on a downward trajectory since the start of today’s trading. At the time of writing, the coin was hovering around $0.56, according to data from digital currency tracker Coinmarketcap.
In other XRP-related news, Ripple, the San Francisco-based company that created the token, yesterday revealed that its xRapid product was commercially available.
The announcement was made at Ripple’s annual conference Swell, with the company’s chief executive officer Brian Garlinghouse revealing that MercuryFX, Cuallix and Catalyst Corporate Credit Union will be the first financial firms to use the product. XRapid uses XRP as a bridge between different fiat currencies.
“I'm really excited to bring the product into the market at a time when there is a lot of skeptcism about digital assets and their real use case,” Asheesh Birla, Ripple's senior vice president of product, said in an interview with CNBC. “Here's something where we're finding a ton of value and providing a ton of value to our customers using digital assets to move money more efficiently.”
In a blog post, published on its website, Ripple said that payment providers MercuryFX and Cuallix had seen “immediate results in speed and cost savings” during the pilot stage of xRapid, in which both companies participated.
In today’ trading, the Ripple price stood at $0.560, as of 09:48 BST. The digital coin has lost 4% of its value in the past 24 hours.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.