XRP sees major correction following break above $0.50
The third-largest digital currency, XRP, has seen a significant pull-back after its price on Saturday topped $0.50 for the first time in more than seven months.
The digital coin experienced a big surge on Saturday amid a wider cryptocurrency rally that saw many of its crypto peers, including its larger rivals Bitcoin (BTC) and Ether (ETH), posting massive gains. XRP rose to as high as $0.505 on Saturday, breaking through the $0.50 barrier for the first time since November 19. The coin eventually pulled back to a close of $0.474, which was still well above its opening level of $0.443.
The Sunday session was somewhat disappointing for XRP, as it remained below its Saturday highs throughout the day. Apart from a couple of brief spells above the $0.48 mark, the coin spent the better part of the session defending the $0.47 mark. The coin finished the session in the negative territory, posting a close of $0.468.
XRP has experienced more difficulties on Monday, including a drop below the $0.46 mark during the opening hours of the session. The coin has managed to stabilise in more recent trading and is currently hovering around the $0.46 level.
XRP’s recent resurgence coincided with the wider crypto currency uptrend, the coin also received a boost from last Monday’s news that Ripple, the company that developed the token and its underlying tech, signed a strategic partnership with major money transfer firm MoneyGram. Under the terms of the agreement, MoneyGram will be able to use Ripple’s cross-border payment solution xRapid, which utilises XRP. Meanwhile, Ripple has made a $30 million investment in the money transfer company, with the option of investing up to $20 million more in the future.
In today’s trading, the XRP price stood at $0.462, as of 15:04 BST. The digital currency has lost 2.2% of its value in the past 24 hours, according to data from digital currency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at $19.6 billion.
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