Ripple price weekly analysis: It’s been an up and down week
The last seven days of activity have XRP almost back where it started.
- 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.
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.
Disclosure: At the time of writing, the author holds BTC, EOS, ETH, XLM, ETN, LTC, ADA and XRP.
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