Ripple goes into consolidation below $0.4, still adds nearly 20% on the day

Ripple broke above the $0.3 mark over the weekend and preserved its bullish momentum on Monday on the back of positive fundamental developments. After adding more than 4% yesterday, Ripple's rally picked up steam today and allowed the XRP/USD pair to break above the $0.4 mark for the first time this year and post its largest daily gain since September of 2018. Although the pair seems to be consolidating its latest upsurge in the last couple of hours, it's still up nearly 20% on the day at $0.39.

On Monday, Boerse Stuttgart, Germany's second-biggest stock exchange, announced its decision to introduce XRP exchange-traded notes (ETNs) to provide the initial boost. Furthermore, cryptocurrency exchange Coinbase said that New York residents were now able to execute transactions with XRP in a tweet that read: "XRP is now available to Coinbase users who are New York residents. New Yorkers can now log in to buy, sell, convert, send, receive, or store XRP on http://Coinbase.com  or using our iOS and Android apps."

According to coinmarketcap.com, XRP's total market capitalization is now above $16 billion from $13 billion last week. 

BEST BROKERS TO TRADE CRYPTO

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.