Ripple price (XRP/USD) sees big losses during Friday trading

Ripple price (XRP/USD) sees big losses during Friday trading

The Ripple price (XRP/USD) has seen significant losses over the past 24 hours.

The digital currency saw some strong price action during the early hours of yesterday’s session, when it surged to a one-week high of $0.345. However, the coin’s performance weakened significantly in subsequent trading and that led to a prolonged period of steady decline for XRP. The token finished the session at $0.337, slightly higher than its opening price of $0.335.

Ripple has seen more disappointing trading in today’s session. The coin tumbled to as low as $0.329 in the opening hours of the session, but later managed to reclaim the $0.33 mark. Still, the digital currency has so far been unable to recover from the early blow. At the time of writing, the Ripple price was hovering just above the $0.33 level, according to data from digital currency tracker Coinmarketcap.

Meanwhile, Ripple continues to experience solid market activity, with trading volumes exceeding $1 billion. Yesterday, the coin’s daily trading volume reach $1.1 billion, roughly in line with the volume generated in the preceding session. Recent market data shows that just over $1 billion worth of XRP tokens have changed hands over the past 24 hours.

In other XRP-related news, a Ripple-backed start-up called XRPL Labs has launched an XRP payments platform for retail stores. As reported by online publication The Daily Hodl, the app, dubbed XRPayments, turns any compatible device into a point-of-sale system, allowing retailers to accept the virtual token. The app is currently available for both iOS and Android devices.

In today’s trading, the Ripple price stood at $0.330, as of 16:06 BST. The digital currency has lost 1.7% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at nearly $13.9 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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