Ripple price weekly analysis: Steady as she goes
It's been a steady week as Ripple's price holds after some falls last week.
- XRP price is down on last week but looks to be recovering
- Trading volumes are jumping around wildly
- Market cap is up by around $1 billion over last week
It's the first week of a new month so, as well as looking at how Ripple performed over the last week, it's a good time to look over the last month to get a longer term view of the third largest cryptocurrency by market capitalisation.
XRP started April trading at about US$0.49 and it hovered at about that level for most of the first couple of weeks of the month. But by 13 April 2018, the price jumped, approaching $0.70 where it stayed for another week before making another $0.15 jump a week later.
And that's where Ripple's price has stayed until now with the current price sitting at around $0.84. Clearly, not even the promise of an appearance by Snoop Dog is enough to help XRP break the $0.90 barrier.
CoinMarketCap says the price has dropped by around 8% on last week despite a gain of almost 4% in the last 24 hours.
Analysis from FXStreet suggests there's still "some further potential downside".
Ripple's own analysis, published in their most recent quarterly report, notes that most of the three billion XRP released from escrow accounts earlier this year, a billion each in January, February and March, were put back into new escrow accounts with 300 million XRP remaining in the market and "being used in a variety of ways to help invest in the XRP ecosystem".
A number of large banks, as reported by Brave New Coin, have been looking at various instruments that use XRP for foreign exchange and other funds transfers, which could enhance Ripple's attractiveness as more institutional traders look at cryptocurrency as a tool for their clients.
With a number of new banking partners as well as Apple on board, there seems to be a good case for HODLing XRP. Those alliances with banks could be a useful asset as the regulatory environment for cryptocurrencies evolves.
But not everyone is happy. Martin Walker, director of the non-profit Centre for Evidence Based Management, who was chairing a UK parliamentary committee, criticised Ripple's current products and said it's unlikely Ripple's tech could solve inefficiencies in the financial sector.
Disclosure: At the time of writing, the author holds XLM, BTC, ETH, EOS, TRON and XRP.