The Ripple price (XRP/USD) has managed to defend the $0.52 level that it reclaimed thanks to a sudden spike that occurred on Monday afternoon.
The third-largest digital currency on the market had a relatively quiet morning session on Monday, with its price hovering in a tight range above the $0.50 mark. However, the digital coin saw a dramatic change in the afternoon, when it surged to a four-day high of $0.525. While the coin saw a pull-back in subsequent trading, it managed to retain a big portion of its gains, closing the session at $0.517, up from its opening level of $0.507.
While the coin saw another pull-back in the early hours of today’s session, it managed to hit defend $0.51 level and resume its advance. After hitting an intraday low of $0.511, XRP went on an upward trajectory that eventually allowed it to reclaim the $0.52 level. At the time of writing, the Ripple price was hovering around $0.525, according to data from digital currency tracker Coinmarketcap.
Ripple’s sudden price followed comments from Brad Garlinghouse, the chief executive officer of the San Francisco-based company that developed the token. Speaking to Bloomberg yesterday at the Singapore Fintech Festival, Garlinghouse said that clients were becoming increasingly interested in Ripple’s solutions, because they were seeing that these products could solve real world problems. He also called for a global framework for cryptocurrencies, praising the efforts of Singapore and other countries in the ASEAN (Association of Southeast Asian Nations) region to develop regulatory frameworks for their respective markets.
In today’s trading, the Ripple price stood at $0.522, as of 12:55 GMT. The digital coin has gained 3.4% 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.