Ripple price (XRP/USD) breaks above $0.31 on Monday

The Ripple price (XRP/USD) has risen to a three-week high amid a strong digital currency rally.

The third-largest digital currency on the market experienced some lacklustre trading over the weekend, with its price barely holding above the $0.30 mark. The coin even dropped below that level on a couple of occasions during the Sunday afternoon trading, though in both instances it was able to bounce back rather quickly. Following the second rebound, which occurred in late Sunday trading, XRP started to show signs that it might be able to sustain a more meaningful rally. The coin finished the session at $0.303, slightly higher than its opening price of $0.301.

Ripple continued to advance rapidly in the early hours of today’s trading, benefiting from an uptrend observed across the broader cryptocurrency market While the coin saw a pull-back after breaking above $0.31, it has been able to resume its rally during the afternoon session. Ripple was most recently trading just below the $0.317 level, which was its highest level since January 31, according to data from digital currency tracker Coinmarketcap.

Like some of its major crypto rivals, such as Bitcoin (BTC) and Ethereum (ETH), Ripple has seen a significant improvement in terms of trading volume. Yesterday, Ripple posted daily trading volume of $427 million, up from the $379 million generated on Saturday. Recent market data suggests that market activity has been significantly stronger today, with roughly $690 million having changed hands in the past 24 hours.

In today’s trading, the Ripple price stood at $0.316, as of 14:37 GMT. The digital coin has gained 5.4% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at just over $13 billion.

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