XRP price weekly analysis 10 August: Price slumps, while trading volumes take off
Following suit with the majority of other coins, on Tuesday the token shed one fifth of its weekly value.
- XRP has begun to recover from the massive loss in value that affected most tokens this past week.
- Trading volumes soared over the past week, rising by almost two thirds in value.
- US-based cryptocurrency exchange Bittrex will add XRP as a US dollar trading pair.
XRP started the week, Thursday 2 August, at US$0.432. The cryptocurrency hit a weekly high of US$0.442 the following day but by Saturday had begun to gradually decline, although there was a slight resurgence on Sunday.
On Tuesday the token shed one fifth (-20%) of its value, falling from US$0.407 to a weekly low of US$0.327.
At the time of writing, XRP was worth US$0.349 and looked to be tracking higher.
Trading volumes over the past week have risen substantially. On Thursday 2 August, total 24-hour volumes were around US$204,000. As of today, volumes have increased a whopping 63% to end the week at US$332,000.
FX Street warned that XRP/USD was in a solid downtrend and that the weak and choppy bullish price action did not indicate that any bullish reversal was likely to occur. However, it seems that it might be happening now.
However, ethereumworldnews reports that these gains could be contained near the $0.362 and $0.367 levels.
Cryptocurrency exchange and digital wallet service Bittrex has revealed that it plans to launch US dollar trading pairs for both Ethereum Classic (ETC) and XRP on 20 August 2018, with more tokens to be added in the future. The exchange currently lists dollar pairs for bitcoin (BTC), Ethereum (ETH), Tether (USDT), and TrueUSD (TUSD).
You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.
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