XRP reclaims $0.32 mark, as market rebounds after recent correction

XRP has seemingly managed to stabilise after a major market correction forced the coin to pull-back from its recent highs on Sunday afternoon.

The third-largest digital coin on the market saw some big gains on Saturday, with its price rising by as much as 12% to hit a three-week high of $0.336. The coin eventually closed the session at $0.324, well above its opening price of $0.300.

The virtual token had a much tougher session on Sunday, as it was affected by a downward correction that was felt across the entire digital currency market. Having amassed big gains on Saturday, major digital coins, such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Binance Coin (BNB), pulled back on Sunday afternoon, hinting that the market had likely reached overbought conditions. Following the same pattern, XRP tumbled to an intraday low of $0.307, before finishing the session at $0.310.

XRP managed to overcome the pressure in today’s early trading, when its price surged towards the $0.32 mark. The coin has had a few price swings in subsequent trading, but has now seemingly stabilised above that level.

Most major digital coins have also managed to resume their advances in today’s afternoon session. Bitcoin, for example, has moved within striking distance of its Saturday high of $7,503.87, despite starting the session at around $7,000.

XRP’s advance has been supported by strong trading activity, although volumes have seemingly dropped on Monday, compared to the weekend. Recent market data shows that just over $1.7 billion worth of XRP tokens have changed hands over the past 24 hours. The coin averaged daily trading volume of more than $2 billion over the two weekend session.

In today’s trading, the XRP price stood at $0.323, as of 15:48 BST The digital coin has gained 3.8% in the past 24 hours. Its total market capitalisation currently stands at $13.6 billion.

Featured image: Wit Olszewski/Shutterstock.com

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