The Ripple price stood (XRP/USD) has enjoyed a strong rebound after falling to a three-week low below the $0.40 on Friday morning.
Like most of its crypto rivals, Ripple saw a big drop during yesterday’s early trading, with its price falling to a multiple-week low well below the $0.0.45 mark. The virtual coin spent the rest of the Thursday session defending the $0.40, but it finally gave in to the relentless selling pressure in the final hours of the session. The digital coin fell to as low as $0.381, before closing the session at $0.383, well below its opening level of $0.461.
Ripple fell further at the start of today’s trading, reaching an intraday low of $0.378. This was the coin’s lowest level since September 20, according to data from digital currency tracker Coinmarketcap.
However, the digital currency managed to overcome the slow start and launched a strong rebound that allowed it to eventually reclaim the $0.40 mark. As part of the relief rally the token briefly tested the $0.44 mark, but then pulled back to lower levels. At the time of writing, the Ripple price was hovering around $0.42.
In terms of market activity, yesterday’s selling pressure and today’s relief rally have prompted a big increase in Ripple’s trading volume. Over $790 million worth of XRP tokens exchanged hands on Thursday, nearly double the $412 million generated in the previous session. Recent market data suggests that that the market activity has been even stronger today, as Ripple’s 24-hour volume currently stands at $846 million.
In today’s trading, the Ripple price stood at $0.422, as of 12:52 BST. The digital coin has gained 4% in the past 24 hours, Coinmarketcap data shows. The coin’ total market cap currently stands at $16.9 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.