The Ripple price (XRP/USD) has seen significant losses over the past 24 hours, as it remains unable to recover from last week’s crypto slump.
Like many of its crypto rivals, Ripple suffered a heavy blow after Business Insider reported last Wednesday that Goldman Sachs was abandoning plans to open a cryptocurrency trading desk in the near future. While Goldman’s chief financial officer Martin Chavez later said that the rumours were unfounded, he also indicated that the bank had no immediate plans to make markets in physical Bitcoin. Ultimately, his comments did little to prop up the crypto market, which continued to bleed red during the weekend.
Ripple was one of the biggest losers during the weekend trading. The coin’s performance was particularly poor on Saturday, when its price tumbled to a near one-month low of $0.273. Ripple eventually closed the session at $0.279, down from its opening level of $0.291.
The third-largest digital currency showed some signs of improvement in yesterday’s afternoon trading, when its price surged to an intraday high of $0.291. After this brief resurgence, the coin continued its downward trajectory, which led to a close of $0.278.
Ripple has continued to decline steadily in today’s trading, with pressure piling on the $0.27 support level. The Ripple price hit an intraday low of $0.270 in the afternoon and is currently hovering just above that level, according to data from digital currency tracker Coinmarketcap.
Meanwhile, market activity continues to be weak, with Ripple’s 24-hour trading volume standing at just over $185 million. Japanese crypto exchange Bitbank has the largest share of that volume – 13.5%.
In today’s trading, the Ripple price stood at $0.270, as of 16:17 BST. The digital coin has lost 6.1% of its value in the past 24 hours. Its total market cap currently stands at $10.7 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.