XRP sees major correction following break above $0.50

XRP sees major correction following break above $0.50

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.

Featured image: Stanslavs / Shutterstock.com

More Resources

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.