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Ripple price (XRP/USD) edges lower as thin volumes hamper momentum

on Oct 27, 2017
Updated: Oct 11, 2019
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The Ripple price (XRP/USD) has fallen slightly in today’s session, amid slow trading and a widespread decline across the cryptocurrency sector.

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The third largest cryptocurrency on the market has been more stable than most of its major rivals, with its price falling less than 1% over the past 24 hours. Ripple ended the Thursday session at $0.203 and is presently trading around that level. However, it hasn’t been able to maintain the positive momentum, which led it to an intraday high of $0.206 yesterday.

Slow trading

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One thing hampering Ripple’s chances of seeing more substantial gains is the market activity, which continues to be subdued. Trading volumes, which were already pretty thin yesterday, have continued to decline. According to data from cryptocurrency tracker Coinmarketcap only around $33 million worth of tokens have exchanged hands in the last 24 hours. This is lower than the daily trading volume levels in each of the last 30 days.

South Korea continues to account for nearly half of the global market activity, thanks mainly to the nation’s largest cryptocurrency exchange Bithumb, which accounts for 34.4% of all trades. US-based trading platform Poloniex captures just over 15%, while fellow US exchange Bittrex has 11% of the market activity.

In today’s trading, the Ripple price stood at $0.202, as of 16:30 BST. The digital coin has lost 0.7% of its value in the last 24 hours. Its total market capitalisation currently stands at $7.8 billion.

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

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