Ripple price (XRP/USD) tumbles to 10-day low as Japanese bank withdraws from MoneyTap

Ripple price (XRP/USD) tumbles to 10-day low as Japanese bank withdraws from MoneyTap

The Ripple price (XRP/USD) spent the entire Thursday session moving on a downward trajectory, underperforming an already downbeat market. Having opened the session at $0.354, the digital coin fell to as low as $0.326, before finishing the session at $0.330.

XRP saw further losses in today’s early trading, when its price plunged to a 10-day low of $0.321. The token made several attempts at bouncing back, but frequent price fluctuations prevented the coin from recovering its losses during the morning session. Ripple’s performance has improved slightly in the afternoon session, but the coin still remains in the negative territory, according to data from digital currency tracker Coinmarketcap.

XRP’s performance may have suffered from a recent announcement, saying that Japanese bank Resona is discontinuing its collaboration with MoneyTap, a cashless payments app powered by Ripple’s xRapid solution. Developed by SBI Ripple Asia, the app was launched in early October, with support from the Japan Bank Consortium.

As reported by FXStreet, Resona Bank intends to end it involvement in the project on May 13. The lender issued an official statement on the matter, but did not say what had motivated its decision.

“Resona Bank will cancel the cooperation with the money transfer application “Money Tap” which started on October 4, 2018 on May 13, 2019. We will continue to improve our service further in the future, so we ask for your understanding,” the lender said in the statement, as quoted by FXStreet.

In today’s trading, the Ripple price stood at $0.327, as of 15:03 BST. The digital coin has lost 1.1% of its value in the past 24 hours. Its total market capitalisation currently stands at $13.6 billion, which makes XRP the third-largest digital currency on the market.

By Michael Harris
Specialising in economics by academia, with a passion for financial trading, Michael Harris has been a regular contributor to Invezz. His passion has given him first hand experience of trading, while his writing means he understands the market forces and wider regulation.
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