Cryptocurrency
Cryptocurrency
XRP price struggles despite Wednesday spikes
The third-largest digital currency on the market, XRP, experienced some nervous trading yesterday, as with its price seeing frequent swings throughout the day. The coin surged during the early hours of the session, rising to an intraday high of $0.409. However, this turned out to be just a temporary spike, as the coin quickly ceded its early gains. While XRP spent the better part of the rest of the session hovering around the $0.40 mark, it did see another big spike in late trading and eventually finished the day at $0.408, up from its opening price of $0.400.
However, that spike didn’t have a lasting effect on the XRP price either, as the coin pulled back toward the $0.40 mark in the opening hours of today’s session and even dropped below that level in late morning trading. At the time of writing, the XRP price was hovering around the $0.395 mark, according to data from digital currency tracker Coinmarketcap.
In other XRP-related news, Ripple, the San Francisco-based start-up that developed the token, has invested more $500 million in blockchain start-ups through its investment arm Xpring, which was launched just over a year ago.
“Xpring has quickly grown and to date we have committed $500M in support of over 20 companies, ranging from independent developer projects to larger scale partnerships,” Xpring said earlier this week in a blog post. “Our efforts have expanded to focus on two areas: build the best crypto infrastructure through contributions to open source crypto protocols such as the XRP Ledger and Interledger projects; and help innovative blockchain projects grow through partnership and investment.”
In today’s trading, the XRP price stood at $0.397, as of 15:07 BST. The coin has lost 1% of its value in the past 24 hours. Its total market cap currently stands at $16.9 billion.
Featured image: Stanslavs / Shutterstock.com
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