The Ripple price (XRP/USD) tumbled down to a three-day low after experiencing a significant correction in today’s trading session.
The digital currency had a disappointing session yesterday, during which its price suffered significant losses. Ripple experienced numerous price fluctuations throughout the session, indicating that the rally it had experienced on Wednesday was running out of steam. The digital coin fell to an intraday low of $0.373, before closing the session at $0.379. This was well below Ripple’s opening level of $0.391.
Ripple has dropped even further in today’s session. Unlike yesterday, when the coin’s losses came as a result of a gradual decline, today XRP suffered a sharp drop that brought its price below the $0.36 mark in the early afternoon trading. At the time of writing, the Ripple price was hovering around $0.36, having hit a low of $0.355 earlier in the session.
Ripple’s latest decline appear to be part of a corrective downtrend observed across the broader cryptocurrency market. The digital currency space enjoyed some relief on Wednesday, as virtual coins rallied in response to last week’s market collapse. However, the bearish sentiment has returned to the market today, causing most digital coins to post significant losses. The original cryptocurrency, Bitcoin (BTC), which yesterday managed to briefly top the $4,400 mark, is currently struggling to hold above the $4,000 level.
In today’s trading, the Ripple price stood at $0.360, as of 13:32 GMT. The digital coin has lost 5.5% of its value in the past 24 hours, according to data from digital currency tracker Coinmarketcap. The coin currently has a total market cap of $14.5 billion, which makes it the second-largest digital currency on the market, after Bitcoin.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.