The Ripple price (XRP/USD) has managed to mitigate its losses during an eventful Tuesday morning session and is now looking to take advantage of a tentative uptick that has aided the crypto market in the afternoon.
While the second-largest digital currency on the market has been one of the more resilient virtual coins lately, it hasn’t remained unaffected by the ongoing downtrend observed across the crypto sector. XRP opened the Monday session at $0.510, which remained its highest price level for the day. The coin experienced significant price swings throughout the session, as it fought to stay near the $0.50 mark. Eventually, the coin finished the session at $0.478, according to data from digital currency tracker Coinmarketcap.
Ripple had some success defending the $0.47 mark during the early hours of today’s trading, but the token around 08:00 GMT the coin experienced a sharp drop, which brought its price down to an intraday low of $0.425. However, shortly after that the coin bounced back to around $0.455, paring some of its losses. It spent the next few hours trading around the $0.45 level. At the time of writing, the Ripple price was hovering around $0.465, having benefited from a slightly more positive market trend.
Most of the major cryptocurrencies have seen similar price increases in recent trading. For example, Bitcoin (BTC), which had fallen to a more than 13-month low of $4,380 earlier in the session, is currently trading at around $4,725, while Ethereum (ETH) has returned above the $140 mark. However, it’s unclear whether this is the beginning on a meaningful recovery, or just a temporary respite for the struggling crypto market.
In today’s trading, the Ripple price stood at $0.464, as of 15:50 GMT. The digital coin has lost nearly 5% of its value in the past 24 hours, Coinmarketcap data shows. The token’s total market cap currently stands at $18.75 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.