Ripple price (XRP/USD) pulls back after hitting four-day high above $0.40

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 Nov 29, 2018
Updated: Oct 11, 2019

The Ripple price (XRP/USD) has edged lower on Thursday, as the relief rally that dominated most of yesterday’s session appears to have run out of steam.

The second-largest digital currency on the market enjoyed a strong rally on Wednesday, as bulls finally reacted to last week’s crypto downturn. Having opened the session at $0.360, the digital coin advanced steadily until it reached a four-day high of $0.401 in the afternoon trading. While the coin saw a significant pull-back in the final hour of the session, it finished the day at $0.390, which was its highest close in five days.

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Ripple’s continued to decline during the early hours of today’s session, which led to its price falling to a low as $0.377. The coin’s price has been swinging between gains and losses since then.

Ripple’s Wednesday rally was supported by strong market activity. Recent market data shows that some $775 million worth of XRP tokens were traded on Wednesday. This is significantly higher than the $600-million trading volume generated in the preceding session.

Over the most recent 24-hour period some $760 million XRP have changed hands, suggesting that the token continues to enjoy strong levels of trading on Thursday. Bitbank has been the most popular destination for XRP trading, having captured 13.8% of that volume. The world’s largest digital currency exchange, Binance, comes in second place, having captured a 9.5% share. Notably, the $760-million figure, which was estimated by cryptocurrency tracker Coinmarketcap, does not take into account more that $100 million of volume generated on the ZBG platform, as well as some $42 million generated on Bithumb.

In today’s trading, the Ripple price stood at $0.376, as of 13:14 GMT. The digital coin has lost 0.7% in the past 24 hours.

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

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