Here's Why XRP Surged And Crashed In A Matter Of Couple Of Hours Today

XRP XRP/USD, the cryptocurrency associated with Ripple Inc., surged and tumbled in just a couple of hours at press time Thursday night.

What’s Moving: The Ripple cryptocurrency dipped and rebounded several times below the $1.098 level in a matter of a few hours on Thursday. It hit a low of $1.08 and a high of $1.24 in hours preceding press time.

Photo: The volatility seen in XRP late Wednesday. Courtesy of CoinMarketCap

The token’s volatile trading came even as other major cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD staged a recovery and seemed to originate from confusion surrounding the status of the cryptocurrency's trading on Coinbase Inc. COIN.

See Also: How To Buy Ripple (XRP)

Coinbase, which announced earlier this year that it has suspended trading in XRP, admitted later on Thursday that the altcoin was temporarily viewable for some of its customers on the Coinbase Pro mobile app due to a technical issue. However, the coin was not tradeable.

Why It Matters: XRP is currently the seventh-largest cryptocurrency in terms of market capitalization, as per CoinMarketCap data.

The Ripple cryptocurrency has declined 10.9% over a seven-day trailing period. On a year-to-date basis, XRP is up 380.8%.

Price Action: XRP is up 4.4% during the last 24 hours, trading at $1.14 at press time.

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Photo: Courtesy of QuoteInspector