XRP pulls back from two-week high amid crypto slump
The XRP price (XRP/USD) has tumbled amid a big cryptocurrency downswing that dominated Thursday’s late trading.
The third-largest digital currency on the market enjoyed some strong positive price action during yesterday’s morning and early afternoon session. Having opened at $0.443, the digital coin quickly captured the $0.45 mark and then continued its advance towards its recently set 2019 high of $0.474. XRP hit a two-week high of $0.469, but all that progress was erased during the latter stages of the session, as the coin fell victim to a strong downturn that affected the larger digital currency market. As a result, XRP plunged into the negative territory, falling to as low as $0.413 in the final hours of the session. It eventually finished the session at $0.422, well below its opening price.
While XRP had a poor start to today’s session, falling to an intraday low of $0.413, it has managed to stop the bleeding in subsequent trading. At the time of writing, the XRP price was hovering around the level of its Thursday close, according to data from digital currency tracker Coinmarketcap.
XRP’s slump appears to be part of a larger pull-back that has affected most major digital currency. The downswing started developing on Thursday afternoon, after Bitcoin (BTC), the No. 1 digital coin, had spiked to over $9,000 for the first time in more than a year. Unable to sustain trading at those levels, BTC quickly pulled back, causing a ripple effect throughout the entire crypto market. Most major digital currencies, including Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), have seen big price drops after Bitcoin’s pull-back
In today’s trading, the XRP price stood at $0.422, as of 12:27 BST. The digital coin has lost 8.7% in the past 24 hours. Its total market capitalisation currently stands at $17.8 billion.
Featured image: Wit Olszewski / Shutterstock.com