Ripple price tops major barrier despite thin volumes

Ripple

The Ripple price (XRP/USD) gained some positive momentum on Tuesday, which allowed it to close above the elusive $0.21 level for the first time since October 21.

The fourth-largest cryptocurrency on the market

saw little change for most of yesterday’s session, but it picked up toward the end of the day, notching up an intraday high of $0.211 and a close of $0.210.

Apart from a brief dip earlier in today’s session Ripple has mostly managed to defend its yesterday gains, with its price hovering around $0.21.

Ripple also managed to surpass that level earlier this month, but that rally was mainly driven by a temporary spike in trading volumes. Meanwhile, the most recent price increase has occurred amid relatively thin XRP volumes.

Ripple’s 24-hour volume currently stands at $86.8 million, with South Korea’s Bithumb exchange accounting for 46% of all XRP trades. US-based trading platform Poloniex makes up 10.5% of the global market activity, while South Korea’s second-largest crypto exchange Coinone comes in third with 6.7%. Another South Korean exchange, Korbit, captures 6.1% of the total volume, boosting XRP/KRW’s dominance to nearly 60%.

In today’s trading, the Ripple price stood at $0.211, as of 15:32 GMT. The digital coin has gained 2.4% in the last 24 hours, according to data from cryptocurrency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at $8.15 billion.

ORIGINAL AUTHOR : DIMITAR BOGDANOV

Source :

Invezz

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