Ripple price weekly analysis: 100% increase in price

Rhys Muter 10 February 2018 NEWS

Ripple 100% increase - ITI

A solid week for Ripple as it battles its way out of negative press, showing a 100% increase in price.

Key events

  • 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.

Price movement

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.

Market Capitalisation

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.

Trading volume

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.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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2 Responses

  1. Default Gravatar
    jaffFebruary 11, 2018

    What do you see XRP Ripple tokens being worth in 1 year .

    • Staff
      RobynFebruary 22, 2018Staff

      Hello Jaff,

      Thank you for your inquiry. Please be advised that we do not represent any of the featured products/companies on our page thus we are not permitted to provide personalised financial advice nor recommendations as we are a comparison and general enquiry website.

      For the Ripple average price prediction and other cryptocurrencies as well, you may check this page https://www.finder.com.au/cryptocurrency-predictions for more information.

      Hope this helps. Should you have further questions or clarifications, please do not hesitate to contact us again.

      Best Regards,
      Robyn

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