The Ripple price (XRP/USD) has seen a significant decline after it failed to challenge the $0.55 mark in yesterday’s morning session.
The third-largest digital currency on the market enjoyed strong gains in the early hours of yesterday’s trading, with its price surging to an intraday high of $0.547, from its opening level of $0.528. However, this turned out to be Ripple’s only bright spot for the past 24 hours, as the coin’s price has been on a steady decline since then. Ripple had given up all of its early gains by the end of the yesterday’s session and it continued on a downward trajectory in today’s morning trading. At the time of writing, the Ripple price was hovering around $0.515, down from its Thursday close of $0.526.
In other XRP-related news, Ripple, the San Francisco-based company that created the token, announced on Wednesday that SBI Ripple Asia’s mobile payments application MoneyTap had launched in Japan.
“The Japan Bank Consortium launched MoneyTap today, a Ripple-powered payments app to offer real time settlement for domestic payments in Japan,” a tweet on Ripple’s official Twitter account reads.
The company unveiled the app in March, saying that it was the product of a partnership between SBI Ripple Asia, its joint venture with SBI Holdings, and Japan Bank Consortium, a group of 61 Japanese banks. Ripple said at the time that the app would allow customers of the banks to make instant domestic payments “24 hours a day, seven days a week” and that SBI Net Sumishin Bank, Suruga Bank and Resona Bank were set to be the first members of the group to make the app available to their customers this autumn.
In today’s trading, the Ripple price stood at $0.515, as of 10:53 BST. The digital coin has lost 4.2% in the past 24 hours, according to data from digital currency tracker Coinmarketcap. The coin’s total market cap currently stands at $20.6 billion.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.