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.
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.
- Bitcoin price continues to rise despite transaction fees hitting all-time high
- Ethereum price rallies once again after recent flash crash
- Can Dogecoin’s price continue to soar despite a marketwide correction?
- Bitcoin’s price plunges 10% before rebounding – market witnesses massive liquidations
- Ethereum price surges to all time high before Berlin hardfork