Ripple price (XRP/USD) pulls back after reaching one-week high on Thursday morning

Ripple price (XRP/USD) pulls back after reaching one-week high on Thursday morning

The Ripple price (XRP/USD) has seen significant gains over the past 24 hours, even though its advance has come to a halt in today’s recent trading.

The third-largest digital currency on the market enjoyed some positive price action yesterday, primarily during the afternoon hours, when its price surged towards the $0.34 mark. The digital coin rose to as high as $0.340, before closing the session at $0.335, up from its opening level of $0.327. At the same time, XRP enjoyed strong market activity, with its daily trading volume rising to $1.1 billion, from the $800 million generated during the previous session.

Ripple continued its advance during the opening hours of today’s session, with the coin’s price rising to a one-week high of $0.344. However, the coin has pulled back to sub-$0.34 levels in more recent trading. At the time of writing, the Ripple price was hovering around the level of its Wednesday close, according to data from digital currency tracker Coinmarketcap.

Other major digital coins have seen similar trading patterns in today’s trading. For example, Bitcoin (BTC), the No. 1 digital currency, also rose to a one-week high in early trading, but has recently retreated towards its Wednesday close of $5,251.94. In contrast, Ethereum has been relatively stable after experiencing an early spike of its own. ETH jumped to a one-week high of $172.93 earlier and is currently trading at around $171.

Back to Ripple-related data, it appears that the coin is experiencing even stronger market activity today. Volume figures provided by Coinmarketcap show that around $1.4 billion worth of XRP tokens have changed hands over the past 24 hours.

In today’s trading, the Ripple price stood at $0.336, as of 13:07 BST. The digital currency has gained 3.4% in the past 24 hours. Its total market capitalisation currently stands at $14.1 billion.

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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