Menu
Real Time Cryptocurrency News & Analysis

Ripple price (XRP/USD) tumbles as corrective trend continues

Share this article!

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.

Add Comment

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.