Ripple price weekly analysis: It’s been an up and down week

Posted: 9 May 2018 9:25 am
News

The last seven days of activity have XRP almost back where it started.

Key takeaways

  • Ripple is down on its position a week ago but now holding steady.
  • It's following the trends of the rest of the market with a big jump over the weekend followed by a fall.
  • Market cap is down over the week.

Ripple has followed a similar pattern to much of the market although many other coins seem to be doing a better job of recovering. Rises for many of the top 10 coins over the last 24 hours, according to CoinMarketCap, have not reached Ripple, with the coin down by about 2.4%.

Trading volumes during the rise and fall last week were significantly higher than what we are seeing this week with the volume today showing a slight decline.

That slowdown in trading volumes suggests, according to FXStreet, that the market still hasn't settled on whether XRP is a valuable proposition or not. After peaking at almost US$0.93 last Saturday, the price settled in the low $0.80 range. And while there has been lots of volatility on the last seven days, a look at the last three weeks shows that this pattern has been consistent and that XRP is trading within its normal range.

Image: CoinMarketCap

NewsBTC has done some analysis and says XRP's price is struggling to get and stay over $0.84 but that a price between $0.80 and $0.82 has solid support. That's contradictory to CoinTelegraph's view that it could decline to as low as $0.76.

For traders, there's a decision to make – cut now before there are further losses if you think CoinTelegraph has the best analysis, HODL if you think the current consolidation is a sign of relative strength and the price will rise again, or sell if you bought while the price was at its nadir a month ago, around $0.50, and reap a nice profit.

Image: CoinMarketCap

Disclosure: At the time of writing, the author holds BTC, EOS, ETH, XLM, ETN, LTC, ADA and XRP.

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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