The Ripple price (XRP/USD) has fallen to its lowest level in more than a month following a strong downtrend that began developing in yesterday’s late trading.
The second-largest cryptocurrency on the market posted significant losses on Thursday, as it wasn’t able to resist the strong selling pressure that dominated the wider digital currency market. The coin’s decline accelerated in the final hours of the session, causing Ripple to close at an intraday low of $0.426. This was significantly lower than Ripple’s opening level of $0.447.
The digital currency’s slump continued in the early hours of today’s trading, with its price dropping below the $0.40 mark for the first time since October 15. While the coin has managed to recoup some of its losses in subsequent trading, it has so far remained firmly in the negative territory. At the time of writing, the Ripple price was hovering around the $0.41 level, according to data from digital currency tracker Coinmarketcap.
Meanwhile, Ripple’s has seen a significant increase in market activity, which likely reflects the growing selling pressure the coin is facing at the moment. Yesterday, Ripple’s daily trading volume reached $480 million, which was a significant departure from the $858 million generated on Wednesday. However, recent market data shows that around $708 million worth of XRP tokens have changed hands over the past 24 hours, which suggests that traders have been much more active in today’s session.
In today’s trading, the Ripple price stood at $0.412, as of 12:16 GMT. The digital coin has lost 5.6% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at $16.6 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.