Home > News > XRP rallies on two-week high above $0.46 on Thursday

XRP rallies on two-week high above $0.46 on Thursday

Benson Toti

The third-largest digital currency on the market, XRP, had a rocky section yesterday, with its price experiencing a couple of major swings. The coin experienced a big drop during the early hours of the session, falling to an intraday low of $0.424, from its opening level of $0.446. However, the coin managed to bounce back in subsequent trading, rallying towards the $0.45 mark. XRP rose to as high as $0.453, before eventually finishing the day at $0.443.

While XRP closed the Wednesday session in the negative territory, the digital coin had plenty of positive momentum after it recovered from its early drop. It managed to utilise that momentum to capture the $0.46 level during today’s morning session. The coin rose to $0.466 in the morning, which was its highest price level since May 16. While XRP has since saw a few minor price swings, it has remained well above its Wednesday close. At the time of writing, the XRP price was hovering just above the $0.46 mark, according to data from digital currency tracker Coinmarketcap.

Some media outlets have pointed out that the XRP price may have been impacted by a large transaction of XRP to a Coinbase Pro account. Reportedly, just over 10.1 million XRP coins has been recently transferred to the account, which already had some 6,100 XRP prior to the transaction.

In other XRP related news, Ripple, the San Francisco-based company that developed the token, recently hired a former Goldman Sachs executive, according to a report from online publication The Block. Breanne Madigan, who served as head of institutional wealth services at Goldman Sachs, will now lead Ripple’s global institutional markets team. Madigan joins from Blockchain.com, where she led the institutional sales and strategy team.

In today’s trading, the XRP price stood at $0.465, as of 14:26 BST. The digital coin has gained 4.3% in the past 24 hours. Its total market cap currently stands at $19.6 billion.

Featured image: Wit Olszewski/Shutterstock.com

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