Ripple price weekly analysis: It’s been a roller-coaster ride

Posted: 16 May 2018 4:11 pm

Despite announcing a platform upgrade, Ripple is following the market downwards.

Key takeaways

  • Ripple is caught in the same activity that has captured almost every other cryptocurrency
  • Price is down almost 9% for the week, despite some positive moves yesterday
  • Positive announcements by developers haven't stopped the price falling

A look at pricing charts for the top 100 cryptocurrencies reveals a sea of red candles and Ripple (XRP) isn't an exception. Just as I thought there were signs of a market recovery earlier this week, as I reported in my bitcoin and Ethereum weekly reviews, the market turned downwards again.

XRP is down by more than 13% over the last seven days, after taking a hit of almost 9% over the last 24 hours. The XRP/USD price sat at around $0.80 through the latter part of last week before following the rest of the market, sliding over the weekend and dropping to around $0.64 before recovering to around $0.74 on Monday. Things looked steady until this morning when the price took another beating, down to around $0.67, which is where the price is at the moment.

Ripple is a curious beast in my view. Its acceptance as a legitimate tool for transferring funds by major banks means it has some proven market applications that aren't just speculation in a white paper. So, to some degree, it ought to be less susceptible to the vagaries of other cryptocurrencies. But it gets swept up in the same general market activity.

I think this is a sign of the general lack of maturity in cryptocurrency trading at the moment. And while prices can all follow each other in the traditional stock market, mass market movements where almost every stock falls in unison are relatively rare. However, what we've seen with Ripple is that it is bundled in with every other coin and either bought or dumped in the same way.

As we reported a couple of weeks ago, Ripple held an event with famed rapper Snoop Dogg present. At that event, Ripple's development team released the Ripple 1.0 protocol. They said it will bring a number of improvements and new features. So, while the price has been hammered, there has been some positive news for XRP and its platform.

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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