XRP weekly price analysis 24 August: Token had a blustery week but achieved gains
Institutional investors are buying up XRP at a "record" rate, according to Ripple chief Brad Garlinghouse.
- XRP saw its price catapult early in the week before fluctuating back down but finishing higher.
- Trading volumes jumped up significantly early in the week, nearly doubling, but fell back down.
- Ripple chief executive Brad Garlinghouse says XRP is seeing "record" levels of institutional participation.
XRP started the week Thursday 16 August at US$0.296. The cryptocurrency soared to a weekly high of US$0.372 on Friday 17 August. However, by Saturday 18 August the token had slipped down to a weekly low of US$0.317.
XRP fluctuated wildly over the course of the weekend through to Wednesday 22 August when it settled at US$0.317, matching its lowest weekly price. The coin's value hasn't altered much in the past 24 hours.
At the time of writing, XRP's token was valued at US$0.321.
24-hour trading volumes shot up early but are down from US$238,000 to US$230,000 week-on-week.
CryptoGlobe analysts suggest that XRP's price is in a sideways trend.
If the bears break support at US$0.30, XRP will find support at US$0.27, analyst Azeez Mustapha speculates.
Ripple chief executive Brad Garlinghouse claims that institutional investors are buying XRP at a rapid rate. Garlinghouse made the announcement during a live Ask Me Anything (AMA) on YouTube earlier this week.
“One of the things I will tease for a future announcement - we'll do the Q3 XRP markets report, which we always share, where we're seeing institutional participation in buying XRP. Q3 will definitely be a record of institutional participation in buying and interest in holding XRP,” Garlinghouse said during his YouTube AMA.
Check out the full interview in the video below.
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