The Ripple price (XRP/USD) has made an attempt to reclaim the $0.50 mark, but has so far failed to secure a stable position above the psychological level.
The third-largest digital currency experienced a sharp decline in the early hours of the session and then spent the rest of the session on a downward trajectory. This eventually led to Ripple dropping below the key level of $0.50. While the cryptocurrency attempted to reclaim the level, it eventually finished at $0.493. This was significantly lower than its opening level of $0.536.
The digital coin has seen some positive action in today’s morning session, with its price rising to an intraday high of $0.515. However, the coin lost its momentum in the afternoon and eventually returned to sub-$0.50 levels. At the time of writing, the Ripple price was hovering just below $0.50, according to data from digital currency website Coinmarketcap.
Ripple enjoyed a strong rally earlier this week, with its price gaining more than 20% over the first two days. The rally may have been partly fuelled by speculation that SWIFT would integrate Ripple products, as part of an upcoming network upgrade. However, these rumours were denied by SWIFT.
“I’m not sure where those rumours are coming from but the upcoming standards release … is entirely unrelated to RippleNet,” a SWIFT representative told 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 $0.498, as of 14:15 GMT. The digital currency has lost 2.9% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at just over $20 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.