The Ripple price (XRP/USD) has seen some significant losses over the past 24 hours, mostly due to a steep correction that occurred in today’s early trading
The third-largest digital currency on the market had a lacklustre trading session on Wednesday, with its price suffering a correction after two days of big gains. The coin fell to an intraday low of $0.524 in the morning session and while it managed to recoup some of its losses in the afternoon, it ended the day in the negative territory. XRP closed the session at $0.535, well below its opening level of $0.549.
The coin’s decline accelerated significantly in today’s trading, as the Ripple price saw a significant drop in the early hours of the session. As a result, the coin hit an intraday low of $0.508, a level that it revisited in recent trading. At the time of writing, the Ripple price was hovering around the $0.51 mark, according to data from digital currency tracker Coinmarketcap.
Ripple’s drop came after a SWIFT spokesperson reportedly shot down recent speculation that the company would integrate Ripple products, as part of an upcoming network upgrade.
“I’m not sure where those rumours are coming from but the upcoming standards release … is entirely unrelated to RippleNet,” the spokesperson said in comments to online publication Finance Magnates.
“Its primary purpose is to ensure all payments include a tracking reference (UETR, Unique End-to-end Transaction Reference) which will allow banks to track their gpi payments end-to-end in real time,” the SWIFT representative added.
In today’s trading, the Ripple price stood at $0.514, as of 13:40 GMT. The digital coin has lost 3.5% of its value in the past 24 hours, Coinmarketcap data shows. Its total market cap currently stands at $20.7 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.