The Ripple price (XRP/USD) has dropped well below the $0.50 mark following a large-scale crypto crash that took investors by surprise on Wednesday.
Like many of its digital currency peers, Ripple saw a sharp plunge in yesterday’s afternoon trading, with its price tumbling to a near one-month low of $0.430. Still, the coin fared better than most in the wake of the slump and managed to recoup significant portion of its losses in late Wednesday trading. The coin finished the session at $0.474, down from its opening level of $0.508.
Ripple’s greater resilience allowed the coin to overtake Ethereum (ETH) as the world’s largest digital currency. While XRP has resumed its decline in today’s session, with its price falling to around $0.45, it has continued to outperform its closest rival.
XRP may have been somewhat bolstered by yesterday’s announcement of a strategic partnership between Ripple, the San Francisco-based company that created the token, and CIMB Group, which is the fifth-largest bank in the ASEAN (Association of Southeast Asian Nations) region. As part of the partnership, CIMB will become a member of Ripple’s blockchain-powered enterprise network RippleNet, which will enable the bank to perform instant cross-border transactions across its markets.
“CIMB’s network already spans 15 countries, nearly 800 branches and offers Speedsend — one of the best solutions in the ASEAN region,” Ripple’s chief executive officer Brad Garlinghouse commented. “Now, by integrating Ripple’s blockchain technology, they will enable their customers to send vital funds to family, friends and loved ones more efficiently.”
During a fintech conference held at Singapore earlier this week, Garlinghouse praised the efforts of some ASEAN countries develop regulatory frameworks for the blockchain sector.
In today’s trading, the Ripple price stood at $0.453, as of 12:56 GMT. The digital coin has lost nearly 9% of its value in the past 24 hours. The coin’s total market cap currently stands at $18.27 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.