XRP price weekly analysis 25 July: After a price dip XRP is slowly recovering
While there's a move upwards in the price, traders are hanging back with XRP.
- A price dip from $0.50 back to $0.46 is slowly being reversed.
- Trading volumes are down.
- Ripple's regulatory position is still being clarified as the company says XRP is not a security.
After spending the first half of the last week falling, XRP has traded steadily over the last four days. The market's third most valuable cryptocurrency by market cap started the last seven day period trading at around $0.50 before losing about 10% to sit in the mid $0.40 range.
Since then, XRP had traded in a narrow band under the $0.44 mark before making a small rally back to $0.46.
The bad news for XRP was not the price dip but the dwindling trading volumes. After trading at around $367 million over 24 hours, volumes plunged by 200 million to under $170 million.
While the price took a dip a few days ago, the price over the last couple of days has been working its way up slowly. That slow and steady rise has seen XRP trade in a bullish range over $0.45 according to Coin Telegraph.
Ethereum World News is seeing the same pattern and says the market for XRP is moving back to $0.50.
With regulators around the world focussing on cryptocurrencies, Ripple, the company behind XRP, has come out on the front foot regrading whether XRP is a security, FXStreet reports. "Everyone is free to say what they want or pursue their own agenda in the media, but ultimately the facts around XRP will win out over uninformed speculation,” a spokesman from Ripple explained in the interview with Express.co.uk.
Disclosure: At the time of writing, the author holds BTC, EOS, ETH, XLM, ETN, LTC, ADA and XRP.