Ripple price weekly analysis: Smashed, just smashed
Ripple was sent to the butchers during the week and came away worse for wear.
- Market drops over 50% from week’s high
- Price shows some resilience after a rally in trade volume
- Major bank, Santander announces partnership though not using XRP
Ripple’s native currency XRP has shocked markets this week with a more than 50% reduction in market from the week’s high. This was in lieu of a market wide sell-off and XRP was a severe casualty from the assault.
Despite this, Ripple Labs CEO, Brad Garlinghouse, tweeted good news for the XRP community announcing a major partnership with SantanderUK. However, for the price of XRP, this announcement carries little significance as the technology SantanderUK is using, xCurrent, is not utilising XRP to transfer money.
After a successful pilot, @santanderuk is rolling out its @Ripple-powered mobile app to customers this quarter, letting them send money internationally in seconds, with just a few clicks. https://t.co/nezn3GxA9r
— Brad Garlinghouse (@bgarlinghouse) February 2, 2018
For XRP to be used in cross-border payments there would need to be serious stabilising of the price of XRP, something which shows no signs of happening yet.
XRP began the week on a solid footing recorded at US$1.30 and soon hit the week's high after that, reaching US$1.43 on Monday morning 29 January 2018, according to pricing information released by CoinMarketCap.
That high was the cue for a sustained sell-off in line with the broader cryptocurrency market. As XRP sank to US$1.05 there was a brief rally in its favour relieving investors at US$1.19 on Wednesday.
Relief was all but dashed by Friday evening as XRP plummeted hitting the week’s low hard at US$0.65. The market has since regained its feet and XRP has closed out the week at an unsure US$0.93
Market capitalisation tells of a nightmare for XRP this week. After a major correction in January, the XRP market cap sat at a much reduced US$50.3 billion to begin the trading week.
Market cap reached as high as US$55.6 billion but looked like a train wreck sliding to US$25.13 billion. The resulting slaughter representing a loss of 54.8% from the week’s high.
Trading volume was strong in the market for XRP showing dips in trading volume and then large momentum shifts supporting rallying movements of the price of XRP.
24-hour trading volume began the week trading in a range between US$680 billion to US$1.6 billion as the sellers' market got cranking in midweek trading.
As the XRP price was nearing its bottom, trading volume kicked up a few gears and reached a huge high compared to the rest of the week, doubling it for the better part, reaching US$3.3 billion in 24-hour trading volume.
- Litecoin weekly price analysis 18 August: LTC slumps, rebounds and tests resistance
- Zcash readies for Sapling hard fork, releases software upgrade
- Ripple announces “preferred” list of crypto exchanges for xRapid transactions
- Bitcoin and cryptocurrency round-up 17 August 2018
- Energi Token (ETK) cryptocurrency as a reward for saving the world