Ripple price (XRP/USD) hits one-week low amid crypto slump

The Ripple price (XRP/USD) has hit a one-week low after a poor start of the Wednesday session.

The second-largest digital currency on the market had a relatively quiet trading session yesterday, with its price mostly hovering below the $0.30 mark. The coin saw a small uptick during the afternoon portion of the session, when it hit an intraday high of $0.301. However, it eventually finished the day at $0.299, matching its opening price.

Today’s session has so far been more challenging for XRP, which suffered a sharp drop in the early hours of trading. The drop coincided with a wide-spread downswing that affected most major digital coins, with the exception of the newest member of the cryptocurrency top 10, Binance Coin (BNB). The Ripple price has since been hovering around the $0.29 level, according to data from digital currency tracker Coinmarketcap. The coin last traded at lower levels on January 30.

Meanwhile, Ripple has seen a significant increase in market activity, which is likely an indication of the increased selling pressure the coin has seen on Wednesday.  Yesterday, XRP generated daily trading volume of nearly $425 million, slightly higher than its Monday result of $418 million. Recent market data shows that, over the past 24 hours, nearly $460 million worth of XRP tokens have changed hands. ZB.com has retained its position as the most popular destination for Ripple trading, after capturing nearly 10% of that volume. At the same time, the world’s largest digital currency exchange, Binance has captured 6.8% of all trades.

In today’s trading, the Ripple price stood at $0.291, as of 14:44 GMT. The digital coin has lost 2.5% of its value in the past 24 hours, Coinmarketcap data shows. Its total market cap currently stands at just under $12 billion.

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