Ripple price (XRP/USD) edges lower despite positive Wednesday start

The Ripple price (XRP/USD) has edged lower following on Wednesday, following a sharp pull-back that erased earlier gains.

Barring a slight dip in the opening minutes of yesterday’s session, the third-largest digital currency on the market saw a largely quiet session on Tuesday, hovering slightly above the $0.30 mark. The coin experienced a minor uptick in the late afternoon, rising to an intraday high of $0.307, but it was followed by a swift retreat to lower levels The coin eventually finished the session at $0.305, slightly higher than its opening level of $0.302.

XRP enjoyed some strong price action in today’s morning session, which allowed the coin to rise to a three-day high of $0.311. However, the coin has since experienced a sharp pull-back, which erased its earlier progress. At the time of writing, the Ripple price was hovering below the level of its Tuesday close, according to data from digital currency tracker Coinmarketcap.

In other XRP-related news, Ripple, the San Francisco-based company that developed the token, has backed a remittance start-up that plans to use the XRP token for cross-border transaction. Barclays’s tech accelerator, the Mastercard Foundation, MIT Media Lab, Techstars, Mahindra Finance, 2020 Ventures, and 8 Decimal Capital also participated in the funding round, which raised $1.7 million for the SendFrend start-up. The firm aims to help overseas Filipino workers make safer cross border transfers to their families in the Philippines.

“We are humbled by the support of our investors, who share in our vision to reduce the costs and improve the experience for the millions of Overseas Filipino Workers (OFWs) who send money home to support their families,” SendFrend’s chief executive officer David Lighton said in a statement on Monday. “This investment will allow us to build out our team, focus on community engagement, and marketing efforts,” he added.

In today’s trading, the Ripple price stood at $0.303, as of 15:02 GMT. The digital coin has gained 0.6% in the past 24 hours.

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