The third-largest digital currency on the market, XRP, has seen some nervous trading over the past 24 hours.
The cryptocurrency suffered a notable drop on Tuesday, as it failed to defend the $0.40 level. Having opened at $0.400, the coin fell to as low as $0.387 during the afternoon portion of the session. A late uptick allowed the coin to pare its losses, as it closed the session at $0.394.
While XRP has spent the better part of today’s session hovering around the level of its Tuesday close, it has seen some improvement in more recent trading, which has enabled the coin to move closer to the $0.40 mark. At the time of writing, the XRP price was hovering just below that mark, according to data from digital currency tracker Coinmarketcap.
In other XRP-related news, Ripple, the San Francisco-based start-up that developed the token and its underlying protocol, yesterday announced that it was opening a new office in Brazil, as part of an effort to expand its reach in the region. The announcement confirms earlier reports of Ripple’s plans to expand in the region.
The new operation will be led by Luiz Antonio Sacco, which Ripple described as a “seasoned fintech entrepreneur and executive”. The company also said that its blockchain-powered payments network, RippleNet, already had more than a dozen Brazilian financial institutions and money transfer companies as customers.
“In January, Ripple surpassed 200 customers on RippleNet. The company is experiencing rapid customer growth across all markets, and is launching in Brazil in response to high customer demand in South America. We are fortunate to have Luiz on board to expand our presence in the region and help our customers address the challenges of cross-border payments,” Eric van Miltenburg, SVP of Global Operations at Ripple, said in a statement.
In today’s trading, the XRP price stood at $0.396, as of 13:47 BST. The digital coin has gained 1.7% in the past 24 hours. Its total market cap currently stands at $16.76 billion.