Cryptocurrency
Cryptocurrency
XRP struggles to defend $0.40 in lacklustre Thursday trading
The third-largest digital currency on the market, XRP, had a difficult session yesterday, with its price experiencing some major swings throughout the day. The coin made several attempts to establish a stable position above the $0.40 mark and even approached the $0.41 level during the late morning session. During that period, the coin rose to as high as $0.407, but this was swiftly followed by a steep pull-back that dominated the early hours of the afternoon session. As a result, XRP tumbled to an intraday low of $0.392.
Still, the coin managed to erase its losses for the day thanks to another price swing that helped it reclaim the $0.40 mark. XRP finished the session at $0.402, slightly higher than its opening price.
XRP has followed a similar trading pattern in today’s trading. Following the positive Wednesday finish, the token spent a large part of the morning session moving on an upward trajectory, rising to as high as $0.407. However, the coin once again failed to sustain trading at those levels and was forced to retreat below the $0.40 mark. Having experienced even more ups and downs in recent trading, the coin’s price is currently hovering just below the $0.40 level.
XRP’s struggles reflect a larger trend observed across the digital currency market. After seeing steep drops during this week’s earlier sessions, most major digital coins have managed to weather the storm, but do not have enough momentum to stage a recovery rally. For example, during the final hours of yesterday’s session, Bitcoin (BTC) rallied from $7,699 to a close of $7,824.23. But while the coin saw some positive price action today, it has plunged into the negative territory in more recent trading.
In today’s trading, the XRP price stood at $0.398, as of 14:58 BST. The digital currency has lost 0.3% in the past 24 hours, according to data from digital currency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at $16.8 billion.
Featured image: Wit Olszewski / Shutterstock.com
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