XRP sets new 2019 high above $0.40 on Wednesday morning

XRP sets new 2019 high above $0.40 on Wednesday morning

XRP sets new 2019 high above $0.40 on Wednesday morning

The XRP price has broken through the $0.40 barrier, thanks to a sharp surge that has outpaced an upbeat cryptocurrency market.

New 2019 high

The third-largest digital currency started the Tuesday session strongly, with its price surging over 20% to move within striking distance of the $0.40 level. The coin managed to top that mark in the early afternoon trading, but its initial spell above $0.40 was a brief one. The rest of the session was market by several price swings, but eventually, the coin managed to score its first close above $0.40 since December 24. The coin finished the day at $0.409, well above its opening price of $0.325.

XRP’s advance continued during the opening hours of today’s trading, allowing the coin to solidify its position above $0.40. The token rose to as high as $0.440 during that run, which was its highest price level since December 24. While the coin has pulled back to lower levels in subsequent trading, it has remained comfortably above the $0.40 mark. At the time of writing, the XRP price was hovering around the $0.425 mark.

An extra boost

XRP’s strong rally comes after the largest US digital currency exchange, Coinbase, expanded its trading support for the coin to enable users based in the state of the New York to “buy, sell, convert, send, receive, or store XRP”. This development appears to have provided a much needed boost for XRP, which underperformed the wider market during the previous big crypto rally last month.

In today’s trading, the XRP price stood at $0.426, as of 13:47 BST. The digital coin has gained 10.6% in the past 24 hours, which makes it the best performing major crypto coin over that period. The coin’s total market capitalisation currently stands at nearly $18 billion.

Featured image: Wit Olszewski / Shutterstock.com

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