Real Time Cryptocurrency News & Analysis

Ripple price (XRP/USD) pulls back after hitting one-week high on Wednesday

The Ripple price (XRP/USD) has edged lower on Wednesday, following a sharp pull-back that put an unexpected end to an early advance.

Having opened at $0.448, the third-largest digital currency performed steadily in yesterday session, which allowed it to revisit the $0.47 mark in late trading. While the coin failed to defend an early spike above the $0.46, it spent the rest of the session moving on much steadier upward trajectory. As a result, the virtual token was able to close the session at $0.470, just shy of its intraday high for the day.

Ripple maintained the positive momentum throughout most of today’s morning session, which allowed its price to reach a one-week high of $0.478, according to data from digital currency tracker Coinmarketcap. However, the coin has seen a significant pull-back in more recent trading, which led to its price retreating below the $0.47 level. At the time of writing, the Ripple price was hovering around $0.46. Despite the recent pull-back, XRP has been one of the best performing major coins in the past 24 hours.

Ripple have enjoyed solid market activity on Wednesday, recent market data suggests. According to the trading volume figures, just over $600 million worth of XRP tokens have changed hands over the past 24 hours, which is comparable to the $605 million that were processed by global crypto exchanges on Tuesday.

The world’s largest digital currency exchange, Binance, remains the most popular destination for XRP trades, having captured 16.6% of the coin’s 24-hour trading volume. Japanese crypto trading platform Bitbank remains a close second with a 13.6% share.

In today’s trading, the Ripple price stood at $0.463, as of 12:49 BST. The digital coin has gained 1.7% in the past 24 hours, Coinmarketcap data shows. The token’s total market cap currently stands at $18.5 billion.

For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.

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