The past 24 hours saw the cryptocurrency market dip. While some coins managed to recover, Ripple’s XRP was unfortunately not one of them.
XRP’s price tumbled from above $0.49 to around $0.47 (where it’s currently trading) alongside most of the other altcoins during yesterday’s trading session. This followed Bitcoin’s price decline, which dipped below $25K before recovering to where it’s currently at almost $26K. While BTC was able to erase most of the losses in a classic Bart-chart price action, XRP failed to do so.
The uptick in volatility has also been reflected in the overall trading volume for XRP throughout the past 24 hours. According to data from CoinMarketCap, it now sits at around $1.3 billion, which is an increase of over 140% in the past day.
It’s important to note that Ripple recently acquired Fortress Trust – a well-known financial institution that’s primarily focused on cryptocurrencies. Without disclosing any particular details of the deal, it was made public that Ripple had made 4 of Fortress Trust’s customers whole for losses they suffered in a security breach. A Ripple spokesperson said:
Luckily, Ripple was in a position to act quickly to step in and make customers whole, and there have been no breaches to Fortress technology or system.”
The total sum of the acquisition remains unknown, and Ripple has made it clear that it plans to continue investing in the parent company of Fortress Trust once the acquisition goes through.