Ripple price (XRP/USD) holds above $0.21 amid broad altcoin rally

on Nov 9, 2017
Updated: Mar 11, 2020

The Ripple price (XRP/USD) has remained steady in today’s trading, holding on to recent gains that hinted at a possible resurgence for the fourth-largest cryptocurrency.

Ripple made a significant progress in the previous two sessions, when it broke, and then successfully held above, the elusive $0.21 level. Yesterday the cryptocurrency reached an intraday high of $0.221, before pulling back slightly to close at $0.217. The XRP price has been hovering around these levels since the start of today’s trading. According to data from cryptocurrency tracker Coinmarketcap, the digital coin is currently trading at $0.217.

Trading volumes rise

Ripple has seen a steady rise in market activity, which has contributed to its solid performance. The XRP 24-hour trading volume currently stands at nearly $200 million, with South Korea accounting for more than half of all trades. The nation’s largest cryptocurrency exchange, Bithumb, accounts for 38% of that volume, while local rivals Coinone and Korbit capture 8.1% and 7.2%, respectively. Meanwhile, the US-based Poloniex exchange claims nearly 13% of the global market activity.

Bitcoin hard fork averted

Ripple’s strong performance appears to be part of a larger trend that is being observed across the broader altcoin space. Most major Bitcoin alternatives have seen significant price increases over the past 24 hours, with coins like IOTA, NEO and Monero posting double-digit percentage gains.

A possible explanation for this altcoin rally could be that yesterday’s news of the SegWit2X suspension have prompted investors who had hoped to profit from a potential Bitcoin split to seek alternative crypto investments.

In today’s trading, the Ripple price stood at $0.217, as of 11:57 GMT. The digital coin has gained 3.3% in the last 24 hours, according to Coinmarketcap.

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