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

Ripple price (XRP/USD) continues to struggle amid subdued trading volumes
Written by:
Michael Harris
22nd March 2018
Updated: 11th October 2019

The Ripple price (XRP/USD) has seen a significant decline since the early hours of today’s trading session, data from cryptocurrency tracker Coinmarketcap shows.

The third-largest digital currency on the market turned in a disappointing performance on Wednesday, as it failed to defend the $0.70 mark, finishing the day at $0.693.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

While Ripple attempted to reclaim the $0.70 level in early Thursday trading, but pulled back after facing stiff resistance. The coin’s gradual decline accelerated in the latter part of the morning session, and especially in the afternoon, when its price dropped below $0.65. According to Coinmarketcap, the Ripple price is currently hovering around $0.64.

Meanwhile, the cryptocurrency’s trading volume continues to decline, with about $477 million worth of XRP tokens having exchanged hands over the past 24 hours. This is less than yesterday’s daily volume of $527 million, which suggests that the market activity has been subdued in today’s trading.

South Korea’s largest cryptocurrency exchange, Bithumb, is once again the most popular destination for XRP trades. The exchange accounts for just over 27% of the current 24-hour trading volume, nearly three times as much as its local rival Upbit (9.3%). Meanwhile, Shanghai-based trading platform Binance ranks third with an 8.3% share. The rapidly growing Japanese platform Bitbank captures 7.6% of the global market activity, while China’s Huobi exchange accounts for about 8% of all XRP trades.

In today’s trading, the Ripple price stood at $0.642, as of 15:17 GMT. The digital coin has lost nearly 9% of its value in the past 24 hours, according to Coinmarketcap. Its total market capitalisation currently stands at $25.1 billion, which makes it the third-largest digital currency on the market, behind Bitcoin (BTC) and Ethereum (ETH).

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

Invezz uses cookies to provide you with a great user experience. By using Invezz, you accept our privacy policy.