The Ripple price (XRP/USD) has declined by more than 5% in the past 24 hours, which has made it one of the worst performers in a downbeat cryptocurrency market.
The third-largest digital currency on the market had a disappointing trading session yesterday, losing nearly 10% of its value during the day. The virtual coin opened the session at $0.577, which remained its highest price level for the day. Having been on a slow, but steady, decline throughout most of the session, in late trading the coin experienced a steeper drop that led to a close of $0.520, the lowest in six days.
Ripple saw further loses in today’s early trading, with its price falling to a one-week low of $0.512. The Ripple price has since seen a modest uptick and is currently hovering around the $0.525 level, according to data from digital currency tracker Coinmarketcap.
Notably, the decline has developed during Swell, an annual blockchain conference held by Ripple, the San Francisco-based company that that developed the XRP token and its underlying protocol. During the first day of the two-day event, Ripple revealed that its XRP-based solution for cross border payments xRapid was commercially available, with three companies, MercuryFX, Cuallix and Catalyst Corporate Credit Union, poised to become the first financial firms to use the product. However, the announcement did not provide much of a boost to the Ripple price, likely because the imminent launch of xRapid had already been priced in by investors.
In today’s trading, the Ripple price stood at $0.526, as of 11:14 BST. The digital coin has lost 5.5% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at just over $21 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.