download the finder app! App

XRP weekly price analysis 24 August: Token had a blustery week but achieved gains

Avatar
Peter Terlato
Posted: 24 August 2018 7:13 am
News
XRP-small2
{"theme":"dark","direction":"horizontal","showArrows":true,"splitTitle":true,"playerOptions":{"captions":true,"popupOnScroll":true,"subscribe":{"title":"Subscribe","url":"https://www.youtube.com/channel/UCKvc0WUB65GCvOTgPVJ9yRA?sub_confirmation=1","visibleOnMain":true,"visibleOnPopup":true}},"active":{"index":0,"start":0,"end":null,"thumb":"https://dvh1deh6tagwk.cloudfront.net/finder-au/wp-uploads/2018/07/India2.jpg","thumbAnimation":"kenburns-top-right","heading":{"small":"WATCH","large":"Bitcoin and crypto update with Alex Saunders and Fred Schebesta"}},"yt":{"method":"playlistItems","params":{"playlistId":"PLUrt4pAH4g2-3HEB5fFVCs45bDjMKj-SU","type":"video","part":"snippet,id,contentDetails"}},"banner":true}

Institutional investors are buying up XRP at a "record" rate, according to Ripple chief Brad Garlinghouse.

Key takeaways

  • 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

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.

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.

Crypto explained

{"theme":"dark","direction":"vertical","showArrows":true,"playerOptions":{"captions":true,"popupOnScroll":true,"subscribe":{"title":"SUBSCRIBE","url":"https://www.youtube.com/c/cryptofinder?sub_confirmation=1","visibleOnMain":true,"visibleOnPopup":true}},"active":{"index":null,"start":0,"end":null,"thumb":"","thumbAnimation":"kenburns-top-right","heading":null},"yt":{"method":"playlistItems","params":{"playlistId":"PLUrt4pAH4g28gehvPkL1VDHlNXR7zksYB"}}}

Latest cryptocurrency news

Picture: Shutterstock

Get into cryptocurrency

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

Latest headlines

Go to site