XRP price (XRP/USD) tumbles below $0.40 amid crypto downswing

The third-largest digital currency on the market, XRP, had a poor session on Tuesday, following a major downswing that hit the cryptocurrency market in late Monday trading. Having opened the Tuesday session on $0.425, the digital coin tumbled towards the $0.41 mark in early trading. XRP made a couple of attempts to recover in subsequent trading, but the weakened market sentiment prevented it from making a notable rebound. Then, in late trading the coin saw another drop that sent its price below the $0.40 mark for the first time since May 26. XRP closed the session at $0.400.

The crypto token has experienced some more rocky trading on Wednesday, with its price swinging between gains and losses. The coin rose to a high as $0.407 during the opening hours of the session, but it quickly pulled back to sub-$0.40 levels. XRP had another positive spell in the late morning session and the early afternoon, but its hasn’t been able to maintain its momentum in subsequent trading. At the time of writing, the XRP price was hovering around the $0.395 mark, according to data from digital currency tracker Coinmarketcap.

XRP’s struggles reflect a larger cryptocurrency slump that has affected many major digital coins over the past couple of sessions. The downward correction started in late Monday trading, when the original cryptocurrency, Bitcoin (BTC), plunged towards the low $8,000 area. BTC fell even further on Tuesday, with its price falling to a 12-day low of $7,564.49. The No. 1 digital coin finished the session at $7,707.77, posting it first close below $8,000 since May 24.

In today’s trading, the XRP price stood at $0.394, as of 16:56 BST. The digital coin has lost 4.8% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $16.65 billion.

Featured image: Prov910 /Shutterstock.com