The Ripple price (XRP/USD) has seen substantial losses over the past 24 hours amid what appears to be a larger correction following the crypto market recent rally.
The US Securities and Exchange Commission’s last week decision to stay its recent rejection orders on nine Bitcoin ETF proposals and have them reviewed by senior officials contributed for the resurgence observed across the cryptocurrency market earlier this week. Ripple was one of the many digital coins that rose to multiple-day highs in the first two days of the week. Ripple’s advance reached its peak on Tuesday, when its price hit a 10-day high of $0.356. In contrast, the coin’s performance suffered significantly on Wednesday, as it momentum was hindered by frequent price fluctuations. This eventually led to a close of $0.344, which was significantly lower than the coin’s opening level of $0.350.
Ripple’s losses have deepened since the start of today’s trading, with the decline erasing its earlier progress. At the time or writing, the Ripple price was hovering around $0.328, according to data from digital currency tracker Coinmarketcap. The coin started the week at $0.323.
Ripple’s decline coincides with a larger downtrend affecting the cryptocurrency market. Most digital coins, including some of the standout performers in previous sessions, have seen heavy losses in the past 24 hours. The No. 1 digital currency, Bitcoin (BTC), has slipped below the psychological level of $7,000 and is currently struggling to defend the $6,900 mark.
In today’ trading, the Ripple price stood at $0.328, as of 13:21 BST. The digital coin has lost 5.9% of its value in the past 24 hours, Coinmarketcap data shows. The coin currently has a total market cap of just over $13 billion, which makes it the third-largest digital coin on the market.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.