Cryptocurrency
Cryptocurrency
XRP price drops below $0.25 for first time in over 20 months
The third-largest digital currency on the market, XRP, has managed to stabilise after failing below the $0.25 level for the first time in more than 20 months.
The digital currency spent the entirety of the Thursday session trying to limit its losses following the surprise sell-off that hit the broader digital currency market on Wednesday afternoon. During the morning trading, the coin briefly dipped below the $0.25 mark, with its price hitting a low of $0.249. This was XRP’s lowest price level since December 11, 2017, according to data from digital currency tracker Coinmarketcap. The coin’s performance improved in the afternoon, and especially towards the end of the session, when it was able to break above the $0.26 level. Eventually, XRP finished the day at $0.257, slightly below its opening price level.
While XRP has edged lower in today’s trading, the coin has been relatively stable throughout the day. The coin fell to as low as $0.253 in early trading, but has since held steadily above the $0.255 mark.
In other XRP news, earlier this week, MorningStar Japan announced that it would pay out 30 XRP to shareholders with 100 or more shares. The move is part of a plan to increase the company’s interim dividend, industry website Coindesk said in its report on the story. MorningStar Japan is a publicly traded subsidiary of SBI Holdings, the investment arm of Japanese financial giant SBI Group. SBI Holdings has a partnership with US fintech company Ripple, which developed the XRP token and its underlying tech. The two firms are partners in a joint venture called SBI Ripple Asia.
In today’s trading, the XRP price stood at $0.255, as of 15:40 BST. The digital currency has gained 1.7% in the past 24 hours.
Featured image: Stanslavs / Shutterstock.com
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