The Ripple price (XRP/USD) has moved closer to the $0.46 mark following the release of a new quarterly update.
The third-largest digital currency on the market spent the better part of yesterday’s session trading below the $0.46 mark. However, the virtual coin saw a sharp increase in late afternoon trading, with its price rising to an intraday high of $0.462. Ripple eventually closed the session at $0.458, up from its opening price of $0.455.
The price increase followed the release of new market report by Ripple, the San Francisco-based company behind the XRP token. The report revealed that Ripple had sold $163 million in XRP in the third quarter of the year, more double the amount sold during the prior three-month period.
Some $98 million of XRP were purchased by institutional investors directly from Ripple’s licensed money service business XRP II, a big increase from the $16.87 million see in Q2. The remaining $65.27 million were sold programmatically.
Ripple also made a brief commentary on the broader crypto market, saying that the total market capitalisation had fallen by 12% in Q3. “Most of the major assets, including XRP, traded in a continued tight correlation,” the company said, but noted that “XRP price rallied at quarter end”.
Ripple had a slow start to today’s session, with its price falling to an intraday low of $0.453. The coin saw a sharp rebound in late morning trading, which allowed it to revisit the $0.46 level. While the token has since retreated to lower levels it has remained close to that mark.
In today’s trading, the Ripple price stood at $0.459, as of 12:48 BST. The digital coin has gained 0.8% in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $18.4 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.