Ripple price (XRP/USD) sees significant pull-back on Thursday morning

on Feb 21, 2019

The Ripple price (XRP/USD) has experienced some challenging trading over the past 24 hours and especially during today’s morning session.

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The third-largest digital currency on the market had a slow start to yesterday’s session, with its price falling to as low as $0.320 in early trading. The digital coin managed to pick up in subsequent trading, even topping the $0.33 level in the early afternoon, but it never quite managed to build strong positive momentum. Still, the coin finished the session at $0.332, well above its opening price of $0.323.

However, the coin has been unable to extend its advance in today’s morning session. On the contrary, after barely holding above $0.33 during the early hours of the session, the coin dropped sharply in recent trading, with its price hitting an intraday low of $0.320. At the time of writing, the Ripple price was hovering around the $0.32 mark, according to data from digital currency tracker Coinmarketcap.

While over the past few sessions Ripple has seen some positive action, especially on Tuesday, when it reached a six-week high of $0.343, the coin has been overshadowed by some its major crypto rivals. Ripple’s ability to maximise its gains during the recent crypto market resurgence might have been hindered by last week’s announcement that the US banking giant J. P. Morgan is developing a stablecoin designed to instantly settle payments between clients. This seems to position the token, dubbed ‘JPM Coin’, as a competitor to XRP. The lender told CNBC last Thursday that trials for its stablecoin were set to start in a few months.

While Ripple initially seemed unaffected by the news, the announcement could have limited investors’ bullishness about XRP, preventing the coin from fully capitalising on the broader crypto rally.   

In today’ trading, the Ripple price stood at $0.321, as of 10:30 GMT. The digital coin has lost 2.6% of its value in the past 24 hours, which makes it the worst performer among top 10 crypto coins, with the exception of the Binance Coin (BNB).

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