Ripple price weekly analysis: 100% increase in price
A solid week for Ripple as it battles its way out of negative press, showing a 100% increase in price.
- Ripple doubles its price from a midweek low
- Trading volume shows consistency despite late week surge
- Market rises 100% from midweek low
Week in review
Just as it was thought Ripple (XRP) might settle into something resembling a consistent price range it should be no surprise that XRP has doubled in price from a midweek low.
Trading volume has been consistent despite rising 400% to close out the week, as strong upwards pressure is exerted on the price of XRP. This seems to be good news in an otherwise questionable business week for Ripple Labs.
On the rumour mill this week were doubts over the integrity of the XRP blockchain. It has been claimed that the first 30 thousand blocks of XRP are unaccounted for. If the rumours have some credibility this could hamper XRP’s use as Ripple Labs seeks to find more partners to grow their xRapid client base.
For now, markets seem unphased by the rumours and are yet to price in the effects of any rumours.
XRP began trading the week hitting an early peak of US$0.96, according to pricing information released by CoinMarketCap. That price was not long lived and strong downwards pressure dragged the price of XRP to as low as US$0.59
From that midweek low there has been a strong, yet consistent upsurge which has seen the price of XRP more than double. XRP showed a US$1.26 price to close out the week on a high note.
XRP’s market cap has been more like a rollercoaster than smooth sailing. From an early high at the start of the week around US$37.6 billion XRP’s market cap shed 38% stooping as low as US$23.1 billion.
From there XRP saw a remarkable 100% increase in market cap. Rising from the low of US$23.1 billion, XRP’s market cap soon reached just shy of US$50 billion registering a considerable US$49.1 billion as the end of the week approached.
Positively for XRP, 24-hour trading volume has shown consistent patterns throughout the week. Trading volume started strongly, showing US$3.1 billion worth of daily trade as XRP hit an early week high. Soon after, trading volume died down a little resting in the low US$1 billion band over the period 5-6 February.
That rose in a consistent range over the next day to reach a plateau in the low US$2 billion band. In previous weeks, as trading volume has died off there had been price runs on XRP. This week was different as the price of XRP rose consistently even as trading volumes ebbed and flowed.
Although a little inconsistent with the rest of the week, the price of XRP is experiencing strong upwards pressure. This seems to be the result of sustained heavy trading volumes, although it is uncertain. XRP’s 24-hour trading volume has closed out the week showing a 400% increase from the most recent dip in trading volumes, showing around US$4.5 billion worth of daily trade.
- 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