Cryptocurrency
Cryptocurrency
XRP fails to defend $0.32 mark amid poor Tuesday trading
The third-largest digital currency, XRP, has are returned to sub-$0.32 levels following another failed attempt at launching a meaningful rally.
Having opened at $0.324, the digital coin spent the better part of the Tuesday session moving on a downward trajectory. The coin tumbled to one-week low of $0.308 in late trading, before finishing the session at $0.311.
XRP saw a modest price uptick during today’s early trading, when its price rose to as high as $0.315. However, the coin has pulled back in more recent trading, retreating toward the level of its Tuesday close. At the time of writing, the XRP price was hovering around the $0.31 mark, according to data from digital currency tracker Coinmarketcap.
XRP has been one of the worst-performing major digital coins this year, as it hasn’t been able to capitalise on the broad crypto recovery observed in recent months. While the coin has mirrored larger uptrends, it hasn’t been able to amass lasting gains. In a stark contrast to major crypto peers like Bitcoin(BTC) and Litecoin (LTC), which have tripled their respective values in 2019, XRP is down nearly 12% year-to-date.
While XRP’s market performance has been disappointing, there have been some positive developments around the crypto token. In its recent second-quarter market update, Ripple, the San Francisco-based company that developed the token, reported that it had seen a big increase in direct institutional sales, selling $106.87 million to institutions, compared to $61.93 million in the preceding quarter. The company also saw 170% quarter-on-quarter growth in xRapid transactions and a 30% increase in the number of live xRapid partners. XRapid is Ripple’s XRP-powered solution for cross-border payments.
Last week, the chief executive of MoneyGram, Alex Holmes, revealed that the company had started using xRapid, as part of a strategic partnership between the two companies.
In today’s trading, the XRP price stood at $0.311, as of 12:42 BST. The digital currency has lost 2.1% of its value in the past 24 hours. The coin’s total market capitalisation currently stands at $13.3 billion.
Featured image: Stanslavs / Shutterstock.com
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