Ripple price weekly analysis 13 June: Following the market down
Ripple takes a massive hit along with the rest of the market.
- Last week's 9% gain by Ripple has been lost along with a lot more.
- Ripple's CEO has been vocal in making comments about bitcoin and controlling influences.
- The big question is whether we've bottomed out or there's more room to fall.
The last week has seen Ripple take a pounding, losing over 20% with just the last day stripping close to 10% from the third largest cryptocurrency by market capitalisation.
Starting at about US$0.67 last Wednesday, XRP was reasonably steady until Sunday when the price started sliding towards today's price of just $0.53. That's close to the lowest price we've seen all year.
Trading volumes crossed the $510 million mark for a short time but have fallen to below $300 million with the market quietening down after a hectic 24 hour period on Monday.
Ripple's CEO Brad Galinghouse has been speaking at the 2018 Stifel Cross Sector Insight Conference in Boston where he claimed bitcoin is being controlled by interests in China. "I'll tell you another story that is underreported, but worth paying attention to. Bitcoin is really controlled by China. There are four miners in China that control over 50% of Bitcoin. How do we know that China won't intervene? How many countries want to use a Chinese-controlled currency? It's just not going to happen."
Given the whole market generally follow where bitcoin leads, that's a very interesting position. He also said comments made by some parties suggesting bitcoin will become the world's primary currency don't make sense.
A floor price of $0.40 and a resistance level at $0.75 seem to be the key prices governing Ripple's behaviour according to NewsBTC.
With much of the market currently taking a hammering, it's tough to hold your nerve. The courageous traders will see the market and look at it as an opportunity to buy in while prices are at their lowest point for most of the year. But those with a stake in the market are likely to have taken a solid hit over the last few weeks.
Disclosure: At the time of writing, the author holds BTC, EOS, ETH, XLM, ETN, LTC, ADA and XRP.