The price of Ripple (XRP / USD) fell to its lowest level in more than a month after a strong downtrend that began to develop in late yesterday's trading.
The second largest cryptocurrency on the market recorded significant losses on Thursday, as it was unable to withstand the severe sales pressure that dominated the broader digital currency market. The currency decline accelerated in the last hours of the session, causing Ripple to close at an intra-day low of $ 0.426. This was significantly lower than the initial Ripple level of $ 0.447.
The collapse of the digital currency continued in the early hours of today's trading, with its price falling below $ 0.40 for the first time since October 15th. While the currency managed to recover some of its losses in subsequent negotiations, it has so far remained firmly in negative territory. At the time of writing, the price of Ripple was around the $ 0.41 level, according to data from the Coinmarketcap digital tracker.
Meanwhile, Ripple has seen a significant increase in market activity, which probably reflects the growing selling pressure that the currency is currently facing. Yesterday, Ripple's daily trading volume reached $ 480 million, which was a significant move away from the $ 858 million generated on Wednesday. However, recent market data show that around $ 708 million XRP tokens have changed in the last 24 hours, which suggests that traders have been much more active in today's session.
In today's trading, Ripple's price stood at $ 0.412, at 12:16 GMT. The digital currency has lost 5.6% of its value in the last 24 hours, shows the Coinmarketcap data. The total capitalization of the currency is currently equal to $ 16.6 billion.
For more information on how to buy and trade Ripple, see our comprehensive Ripple guide.