The third-largest cryptocurrency, XRP, is fighting to stay above the $0.30 mark following a rough Wednesday morning trading session.
The digital coin suffered a significant drop in the opening hours of the session, with its price falling to as low as $0.297. The drop was in line with a market-wide downswing that was triggered by news that hackers had stolen 7,000 Bitcoin (BTC), worth around $41 million at current prices, from the world’s largest cryptocurrency exchange Binance. The company has suspended withdrawals following the incident and is planning to perform a thorough security review. It also promised to cover the losses using its Secure Asset Fund for Users (SAFU), which comprises 10% of all trading fees the company has accumulated.
While XRP has managed to reclaim the $0.30 level in more recent trading, the coin has been unable to secure a decisive break above that mark. The token has shown a similar performance over the previous three sessions. In each of these sessions, XRP dropped to sub-$0.30 levels and it even closed at $0.299 yesterday. The last time XRP traded above $0.31 was on May 4.
Overall, XRP has underperformed its chief crypto peers in recent weeks. While Bitcoin, for example, finished April with a 30% gain, XRP ended the month virtually unchanged, even though it too had benefited from the rally that lifted the crypto market in the early days of last month. However, since it hit a near three-month high of $0.374 on April 5, the coin has gradually declined to the point where it now has to, once again, defend the $0.30 level.
In today’s trading, the XRP price stood at $0.300, as of 16:41 BST. The digital coin has lost 0.4% of its value in the past 24 hours, according to data from digital currency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at $12.6 billion.
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