XRP price weekly analysis 10 August: Price slumps, while trading volumes take off

Posted: 10 August 2018 8:13 am
XRP small
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Following suit with the majority of other coins, on Tuesday the token shed one fifth of its weekly value.

Key takeaways

  • 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.

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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