The Ripple price (XRP/USD) has seen a significant pullback on Wednesday, as the recent rally observed across the wider cryptocurrency market has seemingly fizzled out.
The third-largest cryptocurrency on the market was the best-performing major digital coin yesterday, as its price broke above the $0.55 mark for the first time in five days. Benefiting from a larger uptrend and strong trading in South Korea, Ripple yesterday rose to an intraday high of $0.562, its highest price level since March 29. The cryptocurrency eventually finished the session at $0.558, still significantly higher than its opening price level of $0.501.
Ripple made another attempt at securing a position above $0.56 in the early hours of today’s trading, when it reached an intraday high of $0.563. However, the coin has since retreated to lower levels and, according to data from cryptocurrency tracker Coinmarketcap, its price is currently hovering around $0.52.
The first quarter of the year was a difficult one for Ripple, which was the worst performer among major cryptocurrencies. While most digital coins suffered heavy declines during that period, amid increased regulatory scrutiny in major markets and a series of bans on crypto-related ads, Ripple experienced the biggest drop. Coinmarketcap data shows that the cryptocurrency declined by more than 77% in Q1, falling from $2.30 to $0.512. However, this was not Ripple’s worst first quarter on record, as the digital cryptocurrency lost 96% of its value in the first three months of 2016.
In today’s trading, the Bitcoin price stood at $0.517, as of 11:08 BST. The digital coin has lost 2.9% of its value in the past 24 hours, according to Coinmarketcap data. Its total market capitalisation currently stands at $20 billion, which is nearly twice as much as the value of the fourth-largest cryptocurrency, Bitcoin Cash.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.