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Ripple price (XRP/USD) continues to struggle amid broader crypto downtrend

on Dec 11, 2018
Updated: Oct 11, 2019
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The Ripple price (XRP/USD) has edged lower on Tuesday, despite seeing a sharp increase during the early hours of the session.

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The second-largest cryptocurrency on the market posted some significant losses on Monday amid a downtrend observed across the wider cryptocurrency market. Having opened the session at $0.313, the digital coin spent the better part of the day on a downward trajectory. Still, the coin managed to defend the $0.30 level, closing the session at $0.303.

The start of today’s session was encouraging for Ripple, as the coin experienced a sudden price jump in the early trading, rising to as high as $0.310. The token spent the next couple of hours trading around the $0.31 level, but it eventually gave in to the selling pressure. At the time of writing, the Ripple price was hovering around $0.30, according to data from digital currency tracker Coinmarketcap.

The early uptick was likely triggered by recent news of the launch of a blockchain-powered remittance mobile app and web service in South Korea.

Ripple, the San Francisco-based company that developed the crypto token, announced yesterday in a blog post that the app, called Cross, was powered by its enterprise blockchain solution RippleNet. The app, which was launched by Coinone Transfer, offers “faster, lower cost payments to Thailand and the Philippines”.

“With plans to aggressively expand across the region over the coming months, Coinone Transfer quickly rolled out the service through new financial institutions using RippleNet — connections formed with Siam Commercial Bank (SCB) in Thailand and Cebuana Lhuillier in the Philippines,” the announcement reads.

In today’s trading, the Ripple price stood at $0.299, as of 14:07 GMT. The digital coin has lost 1.9% of its value in the past 24 hours. Its total market cap currently stands at $12.2 billion.

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

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