Ripple price (XRP/USD) drops to four-day below $0.50

The digital currency sees big drops on Tuesday afternoon and Wednesday morning

Ripple price (XRP/USD) drops to four-day below $0.50

The Ripple price (XRP/USD) has dropped below the $0.50 mark, as result of a downtrend that began developing in yesterday’s late afternoon trading

The third-largest digital currency on the market performed strongly throughout the better part of the Tuesday session, with its price rising to an intraday high of $0.525 in the early afternoon. However, the digital coin saw a major downswing in subsequent trading, which erased all of its earlier gains. The coin fell to an intraday low of $0.505, before eventually closing at $0.510, below its opening level of $0.516.

Ripple saw further losses in today’s morning session, when its price dropped below $0.50 for the first time in three days. The coin has since made an attempt to reclaim that level, but it hasn’t been able to secure a decisive breakthrough. At the time of writing, the Ripple price was hovering around the $0.50 mark, according to data from digital currency tracker Coinmarketcap.

In terms of trading volume, some $430 million worth of XRP have changed hands over the past 24 hours, recent market data shows. However, this figure does not take into account over $100 million of volume that has been generated on ZBG, a lesser known digital currency exchange that has recently seen a surge in trading activity. Coinmarketcap also excludes the $19.5 million worth of trades processed by South Korean major Bithumb.

Earlier this week, Brad Garlinghouse, the chief executive officer of the San Francisco-based company that developed the XRP token, called for a global framework for cryptocurrencies and added that clients were becoming increasingly interested in Ripple’s solutions.

In today’s trading, the Ripple price stood at $0.498, a four-day low, as of 12:57 GMT. The digital coin has lost 4.5% of its value in the past 24 hours.

For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.

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