Ripple Retreats After Strong Performance
Ripple is pulling back slightly after an extraordinary surge in the past week. The third most valuable cryptocurrency is now trading at $0.87 after losing about 1.5% of its value in the last 24 hours.
The digital asset started to slide on Sunday after a strong performance last week that saw it almost hitting $1. It was trading at $0.90 at 12 pm on Sunday.
Its market capitalisation now stands at $34.2 billion adding about $10 billion from a week ago. Overall, it has gained over 36% in the last seven days despite the losses incurred in the last few hours.
Last week, it was leading a resurgent market posting nearly 20% in intraday trading on Friday alone.
Ripple has been boosted by recent news that Banco Santander was using its xCurrent software to enable international transfers in at least four European countries.
The cryptocurrency market has largely remained green in the last seven days in what caught many by surprise.
The strong performance could in part be attributed to the passing of the US tax deadline. Many were fearing a huge sell-off as the April 17 deadline approached.
Bitcoin was just a whisker away from $9000 before making a slight retreat. It is now trading at $8,907 having lost 0.15% in the last 24 hours.
Bitcoin Cash posted the strongest performance today having gained 15% in the last 24 hours. Its value shot up rapidly in early morning trading. A unit is now trading at $1,396 and a market capitalisation of $23.8 billion.
Ripple has particularly been hit by the general downward trend for much of this year. At its peak in January 4, it was trading at $3.71 according to data from CoinMarketCap. A year ago on April 23, the cryptocurrency was trading at just $0.03. This means it has gained over 2700% in value over the period.