Home » Cryptocurrency » Ripple price (XRP/USD) bounces back after difficult Thursday trading

Ripple price (XRP/USD) bounces back after difficult Thursday trading

Dimitar Bogdanov
  • August 31st, 13:06
  • Last Updated: October 11th, 13:43

The Ripple price (XRP/USD) has managed to recoup some of its Thursday losses, thanks to a late rebound that mirrored a larger recovery crypto trend.

Like many of its crypto peers, Ripple had a difficult session on Thursday, as it suffered a steep price correction that erased most of the progress the coin had made during the first couple of sessions this week. As a result, the coin hit an intraday low of $0.325 in the afternoon, which was its lowest price level since early Monday trading, according to data from digital currency tracker Coinmarketcap.

The situation improved in late Thursday trading, as Ripple was able to launch a recovery and reclaim the $0.33 level. The coin finished the day at $0.335, still down from its opening level of $0.344.

While Ripple has seen a few ups and downs since the start of today’s trading, the digital currency has so far managed to defend the $0.33 level. At the time of writing, the Ripple price was hovering around the level of its Thursday close.

In other XRP news, Ripple has scored a small win in its legal battle to prove that the token is not a security, industry website Coindesk has reported. The San Francisco-based company that developed the token is currently sued by a number of parties, claiming that the XRP token is a security. The company has been trying to have the separate class action suits combined or coordinated, as it wants to fight fewer lawsuits simultaneously.

As reported by Coindesk, on Wednesday a California court deemed a lawsuit filed by investor David Oconer to be “complex litigation”, meaning that it will now be coordinated with the other cases. The Coindesk report notes that a separate California case was deemed complex in June.

In today’s trading, the Ripple price stood at $0.333, as of 13:07 BST. The digital coin has gained 1.6% in the past 24 hours.

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

About the author

Dimitar Bogdanov
Dimitar Bogdanov
I have been a journalist for Invezz since 2012 and am one of the oldest on the team. My focus is on cryptocurrencies as well as general equity markets, although my experience is broad overall.

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