Ripple price weekly analysis: It’s been a roller-coaster ride
Despite announcing a platform upgrade, Ripple is following the market downwards.
- 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.