Ripple price (XRP/USD) hits two-week high following SWIFT’s DLT trial announcement

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 Jan 31, 2019
Updated: Mar 11, 2020

The Ripple price (XRP/USD) has pulled back sharply after reaching a two-week high in the opening hours of today’s trading.

The second-largest digital currency on the market had a lacklustre morning session on Wednesday, with its price hovering below the $0.30 mark. However, the situation changed drastically in the early afternoon, when the coin experienced a sharp spike that allowed it to break through the $0.30 barrier. The digital coin hit a 10-day high of $0.324, before finishing the day at $0.320 and notching up a 10.7% increase from its opening price of $0.289.

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Ripple’s price surge followed news that global banking payment network SWIFT is launching a Proof-of-Concept to trial integration with R3’s DLT platform Corda. The move was first announced by SWIFT’s chief executive officer Gottfried Leibbrandt, who was on a panel at the Paris Fintech Forum, alongside Ripple’s CEO Brad Garlinghouse. During the panel session, which was moderated by CNBC, Garlinghouse indicated that his company was open to working with SWIFT, though neither company hinted at a partnership between the two in the near-term, the media outlet notes.

Building upon its strong Wednesday finish, Ripple notched up further gains in today’s early trading, with its price rising to as high as $0.333. This was XRP’s highest price level since January 16, according to data from digital currency tracker Coinmarketcap. However, the cryptocurrency has since seen a significant pull-back that erased its earlier progress. Still, the coin has at least managed to hold above the $0.30 mark.

In today’s trading, the Ripple price stood at $0.309, as of 13:31 GMT. The digital coin has lost 0.8% of its value in the past 24 hours, Coinmarketcap data shows. Its total market capitalisation currently stands at $12.7 billion.

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

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