The Ripple price (XRP/USD) enjoyed a strong start on Thursday, though it hasn’t been able to maintain its advance in more recent trading.
The third-largest digital currency on the market had a rather poor start to yesterday’s session, with its price plunging to a one-week low of $0.512. The virtual coin, tried to bounce back in subsequent trading, but its performance was hindered by frequent price fluctuations. Still, the coin managed to recoup its losses by the end of the session, finishing the day at $0.528, up from its opening level of $0.517.
The coin was able to build on the strong finish in today’s morning session, as its price hit an intraday high of $0.547 at roughly 06:15 BST. However, the cryptocurrency has since experienced a pull-back, which prevented it from testing the $0.55 mark in a meaningful way. At the time of writing, the Ripple price was hovering around $0.53, according to data from digital currency tracker Coinmarketcap.
This has been an important week for Ripple, the company that developed the crypto token, as it held its annual blockchain conference Swell on Monday and Tuesday. The first day of the event produced the news that Ripple’s XRP-based cross-border payment solution xRapid was going live. The conference’s final panel on Tuesday featured executives from Catalyst Corporate Federal Credit Union and Cuallix (two of the first three companies to use the product), among other industry figures.
As reported by Coindesk, the panel was mostly enthusiastic about the adoption of digital, cryptographic assets in cross-border payments. Cuallix’s chief financial officer Nicolas Palacios said that there was a big difference between xRapid and traditional systems such as SWIFT in terms of "cost efficiency, time efficiency, transparency" and user experience. Brad Ganey, COO of Catalyst Corporate, added: “We see a lot of competitive advantage to this moving forward.”
However, the panelists also acknowledged that replacing the traditional payment systems with xRapid will present significant challenges.
In today’s trading, the Ripple price stood at $0.533, as of 13:12 BST. The digital coin has gained 0.9% in the past 24 hours and its total market cap currently stands at $21.3 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.