The Ripple price (XRP/USD) has dropped more than 10% over the past 24 hours, underperforming a crypto market that has taken a big hit in today’s early trading.
The third-largest digital currency on the market has been moving on a downward trajectory since Tuesday, but its decline has accelerated considerably following a massive drop that occurred in today’s early trading. The token fell by as much as 12.3% to hit a three-week low of $0.405 earlier in the session. At the time of writing, the Ripple price was hovering around $0.41, still well below its Wednesday close of $0.462.
In terms of market activity, Ripple has seen a surge in trading volume, which likely reflects the increased selling pressure it has faced in today’ trading. Recent market data shows that around $720 million worth of XRP tokens have changed hands over the past 24 hours. This is way higher than the $412 million generated during the Wednesday session.
While Ripple’s steep decline mirrors a pattern observed across today’s crypto market, XRP has seen bigger losses that the other top 10 coins. The coin has been underperforming in the past week or so, as recent announcements regarding the token’s protocol has failed to boost its price. During last week’s Swell blockchain conference, an event held by the San Francisco-based company Ripple, it was revealed that three financial companies had signed up to use Ripple’s XRP-based product xRapid. This development could significantly boost XRP adoption, but it had no positive impact on the token’s market performance. On the contrary, Ripple lost more than 10% of its value over the course of the two-day event.
In today’s trading, the Ripple price stood at $0.409, as of 11:43 BST. The digital coin has lost 12.7% of its value in the past 24 hours, according to data from digital currency tracker Coinmarketcap. The coin’s total market cap currently stands at $16.3 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.