Ripple price (XRP/USD) struggles to defend weekend gains

By: Michael Harris
Michael Harris
Specialising in economics by academia, with a passion for financial trading, Michael Harris has been a regular contributor to… read more.
on Sep 17, 2018
Updated: Oct 11, 2019

The Ripple price (XRP/USD) has filed to hold above the $0.28 mark amid some rocky trading on Monday.

The third-largest digital currency on the market enjoyed some positive price action on Saturday, as it managed to post some solid gains and secured a close above the $0.28 level. The Sunday session proved more challenging, with the coin struggling to defend its Saturday gains amid frequent price fluctuations. Still, after experiencing several drops below $0.28, the coin rallied in late trading to finish the session at $0.281, mitigating its losses.

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Ripple saw another significant drop in today’s morning session, with its price falling to an in intraday low of $0.278. The coin’s performance continued experience significant gyrations in the afternoon trading.

In other Ripple news, the San Francisco-based company that created the XRP crypto token is reportedly close to launching a commercial application of its xRapid product.

“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production,” Ripple’s head of regulatory relations for Asia-Pacific and the Middle East, Sagar Sarbhai, said in an interview with CNBC earlier today.

XRapid is aimed at speeding up cross-border payments by using XRP as a kind of “bridge” between different fiat currencies. No banks or other payment providers are using xRapid currently, but major players, such as MoneyGram and American Express, have conducted test trials of the product.

In today’s trading, the Ripple price stood at $0.279, as of 15:05 BST. The digital coin has lost 0.1% of its value in the past 24 hours, according to data from digital currency tracker Coinmarketcap. Its total market capitalization currently stands at $11.1 billion.

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

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