Real Time Cryptocurrency News & Analysis

XRP overtakes Ethereum as Ripple price surges more than 20%

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The Ripple price (XRP/USD) has returned above the $0.50 level following a late Tuesday surge.

The digital currency fell to a four-day low of $0.441 in yesterday’s morning trading, as part of a large price correction that started developing shortly after the coin reached a four-month high of $0.769 on Friday. While the digital coin managed to weather the storm, it continued trading significantly below the $0.50 mark throughout most of the session. However, the situation changed dramatically towards the end of the day, as the Ripple price suddenly skyrocketed to an intraday high of $0.546. More importantly, the digital currency was able to hold most of its gains, finishing the session at $0.526, well above its opening price of $0.487.

After experiencing a brief drop below the $0.50 mark in today’s early trading, Ripple has managed to recover its upward trajectory. At the time of writing, the Ripple price was hovering around the $0.56 mark, according to data from digital currency tracker Coinmarketcap.

In another positive development for Ripple, SBI Ripple Asia has made another step towards the launch of its payments app MoneyTap, industry website Coindesk has reported. The company, a joint venture between San Francisco-based Ripple and Japanese firm SBI Holdings, announced earlier today that it had been registered as a licensed agent for handling electronic payments with the Kantou bureau of Japan's Ministry of Finance. This paves the way for SBI Ripple Asia to launch the app, which is powered by Ripple’s blockchain tech.

In today’s trading, the Ripple price stood at $0.559, as of 12:46 BST. The digital coin has gained nearly 24% in the past 24 hours. The coin currently has a market cap of $22.3 billion, which makes it the second-largest digital currency on the market.

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

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