Ripple price (XRP/USD) edges lower in thin market on Thursday

on Sep 7, 2017
Updated: Mar 11, 2020

The Ripple price (XRP/USD) has declined today in thin trading, once again driven by South Korean exchanges. According to Coinmarketcap, Ripple fell to an intraday low of $0.219 in the early hours of the morning session. It has since managed to regain some ground but it’s still down from yesterday’s close of $0.226. Still, at the time of writing, the Litecoin’s price was slightly up over the past 24 hours.

Ripple’s has seen a somewhat subdued market activity, with its 24-hour trading volume currently standing at $110 million, which is lower than its daily trading volume levels in the last 18 days.

The market activity is still dominated by trading in the Korean won, thanks to a familiar trio of South Korean exchanges – Bithumb, which accounts for nearly 41% of the trading volume, Korbit with 11.1% and Coinone with 8.2%.

Earlier this week, the owner of the Ripple network announced that it was expanding its operations to India. Ripple has opened an office in Mumbai in an attempt to secure a foothold in the country, which is already the “largest recipient of corporate and retail remittances worldwide” and has set its focus on developing its digital economy.

In today’s trading, the Ripple price stood at $0.224, as of 14:25 BST. The digital currency has gained 1.6% over the past 24 hours and it currently has a total market capitalisation of $8.6 billion. It is currently the fourth largest cryptocurrency on the market.

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