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Ripple price (XRP/USD) edges lower in Wednesday trading

on May 17, 2018
Updated: Oct 11, 2019
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The Ripple price (XRP/USD) has edged lower in today’s trading, failing to maintain the positive momentum gained in late Wednesday trading.

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The third-largest cryptocurrency swung between gains and losses yesterday, following a pattern observed across the wider digital currency market. The digital coin hit an intraday low of $0.669 in the early hours of the session, but it managed to recover in the afternoon, with its rally peaking in late Wednesday trading. Ripple finished the day at $0.714, up from its opening price of $0.695.

The cryptocurrency spent the majority of today’s morning session defending the $0.70 mark, but it slipped below that level in more recent trading. At the time of writing, the Ripple price was hovering around $0.69, according to data from cryptocurrency tracker Coinmarketcap.

Recent market data also suggests that Ripple is experiencing subdued trading activity. Some $340 million worth of XRP tokens have changed hands in the past 24 hours, significantly less that the $429 million of trades that were processed by global cryptocurrency exchanges yesterday.

Japanese crypto exchange Bitbank has captured 14.5% of the 24-hour trading volume, which has allowed it to overtake Bithumb as the most popular destination for XRP trading in that period. The south Korean giant comes in second with a 13.4% of the volume, while Chinese platform OKEx accounts for 10.8% of all trades.

In other XRP news, the San Francisco-based start-up Ripple has proposed a new “x”-shaped symbol for the token. Ripple, which created the token in 2012, pointed out that it was “just one entity using XRP to solve real business problems around the world” so using its own name and logomark to “represent the full breadth and depth of the XRP ecosystem doesn’t make sense”. The company also inicated that this sentiment was shared by a large part of the community.

In today’s trading, the Ripple price stood at $0.697, as of 13:21 BST. The cryptocurrency has lost 0.3% of its value in the past 24 hours.

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

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