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Ripple price (XRP/USD) continues to struggle amid thin trading volumes

on Feb 20, 2018
Updated: Oct 11, 2019
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The Ripple price (XRP/USD) continues to struggle to find positive momentum, as trading volumes remain subdued.

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After trading sideways for most of yesterday’s session, the third largest cryptocurrency on the market finished the session at $1.14, slightly higher than its opening level of $1.12. The digital coin’s lacklustre performance has continued on Tuesday, with its price hovering around the level of yesterday’s close during the majority of the session. The only deviation from this pattern occurred around 07:40 GMT, when the price suddenly spiked to $1.17, before promptly returning to its familiar trading range.

Ripple’s trading volumes remain unusually low, even with current market data suggesting that there is a modest uptick from Monday. Yesterday, the cryptocurrency posted trading volume of $556.4 million, its lowest daily volume since December 11. According to data from cryptocurrency tracker Coinmarketcap, XRP’s 24-hour trading volume currently stands at $685 million.

Trading has been largely driven by South Korea’s four leading cryptocurrency exchanges – Bithumb, Upbit, Coinone and Korbit – which collectively capture just over half of the current 24-hour trading volume. Bithumb, alone, accounts for almost 31% of the global market activity. Upbit remains a distant second with an 11.3% share.

In today’s trading, the Ripple price stood at $1.14, as of 15:11 GMT. The digital coin has lost 1.4% in the past 24 hours, data from Coinmarketcap shows. The cryptocurrency’s total market capitalisation currently stands at $44.76 billion.

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

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