The Ripple price (XRP/USD) has return above $0.46 mark following a sharp increase that occurred in yesterday’s late trading.
The third-largest digital currency on the market had a mostly disappointing session on Tuesday, as its price tumbled to an eight-day low in early trading. The coin spent the rest of the session trying to recover from its early slump, though it did not have much success in that. The situation changed dramatically in late trading, when the coin experienced a sudden surge that not only erased its losses for the day, but also pushed its price up to a five-day high of $0.471. While the spike was followed by a steep pull-back, Ripple managed to close the session at $0.462, well above its opening level of $0.453.
So far in today’s trading, Ripple has managed to comfortably defend the $0.46, although it has remained well below the next major barrier. The coin reached an intraday high of $0.466 earlier today, but has since retreated to lower levels. At the time of writing, the Ripple price was hovering around $0.462, according to data from digital currency tracker Coinmarktcap.
Thanks to its recent gains, Ripple has been the best-performing major cryptocurrency in the past 24 hours. Yesterday’s spike was likely driven by news that the New York Department of Financial Services (NYDFS) has approved Coinbase’s application to create the Coinbase Custody Trust Company LLC. In an announcement published yesterday, the state regulator also said that it had approved Coinbase Trust to offer secure custody services for six of the largest virtual currencies: Bitcoin, Bitcoin Cash, Ethereum, Ether Classic, XRP and Litecoin. Notably, out of those, XRP is the only coin that hasn’t been listed on the largest US crypto exchange.
In today’s trading, the Ripple price stood at $0.461, as of 13:23 BST. The digital coin has gained 4.3% in the past 24 hours.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.