The Ripple price (XRP/USD) has seen significant losses on Monday, continuing a corrective trend that settled in after its recent rally reached its peak on Friday.
Ripple was the standout performer during last week’s big crypto resurgence. Boosted by some positive developments related to Ripple’s underlying blockchain protocol, the digital currency surged last week, nearly tripling its value in just a few sessions. Having started the week at $0.281, the virtual coin hit a more than a 4-month high of $0.769 on Friday afternoon. During its rally, Ripple briefly overtook Ethereum as the world’s second-largest cryptocurrency. Meanwhile, Ripple’s daily trading volume reached $4.1 billion on Friday, marking the strongest market activity for the token since February 10, according to data from digital currency tracker Coinmarketcap.
Ripple has seen a big correction following last week’s peak. The coin actually finished the Friday session at $0.561, some 20 cents lower than its high, but still well above its starting price of $0.452. The token spent the majority of the weekend trading in the $0.55-$0.60 area, although it suffered a dip below the $0.50 mark during the early hours of the Saturday session. The Sunday session was rather quiet in comparison, with the coin finishing the day at $0.570, down from its opening level of $0.575.
Today’s session has been much more challenging for Ripple. The coin has seen significant losses during the morning session, with its price falling to an intraday low of $0.513. This appears to be part of broader crypto correction that has sent most major virtual coins in the negative territory. As a result, the combined value of all digital currencies has declined by some $8 billion since the start of the session.
In today’s trading, the Ripple price stood at $0.523, as of 13:18 BST. The digital coin has lost 9.1% of its value in the past 24 hours. Its total market cap currently stands at $20.8 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.