Despite a late week surge Ripple has been battered around by falling market sentiment
- XRP continues to show unstable price volatility
- Bitcoin regains more value against XRP
- Trading volumes persist with extreme volatility
Ripple (XRP) may continue to have trouble gaining broad acceptance as a carriage of business transactions. The price of XRP has continued its uncontrollable price swings, which is great for day traders but may not be giving the confidence to institutional investors as a method of remittances.
XRP has continued its losing streak this week against bitcoin, according to data released by CoinMarketCap.
Trading volumes have ranged wildly for XRP throughout the week. It is unclear if this is in response to a perceived bottom price or perhaps other factors could be contributing to the increases in trading volume.
XRP began the week continuing the month’s trend of downwards pressure on price. XRP began the week trading at US$0.82 and fell nearly 20 cents by midweek trade to as low as US$0.64.
That wasn’t the worst of it. XRP finally hit the bottom this week at US$0.54, a full 28 cents below the weeks beginnings.
It wasn’t all doom and gloom for those holding positions in XRP as it showed some resilience in line with a broader improvement made by the cryptocurrency market. XRP closed out the week at US$0.66.
XRP market cap moved from the week’s high of around US$32.4 billion to a midweek low of US$25.1 billion.
The market had priced in a recovery but was shocked to the price take a further battering as the weekend approached. XRP market cap hit its trough at US 21.4 billion.
In line with price differentials XRP market cap wasn’t to remain cellar welling for long and was able to claw back a solid US$25.9 billion market cap.
24-hour Trading volume
There is a recurrent problem with XRP’s trading volumes in that they persist with unuseable, erratic price fluctuations. Beginning the week XRP trading volumes showed a range between US$300 to US$450 million.
By midweek as the XRP selloff was well entrenched, trading volumes soared to just under US$1 billion hitting US$970 million worth of XRP trade in a 24-hour period.
XRP trading volume fell away as though a rug had been taken out from underneath the market with trading volumes returning to values seen earlier in the week. It then corrected even further to as low as US$270 million.
With those topsy-turvy movements trading volumes have increased exponentially again. As the week closes out XRP’s trading volume has gone above US$1billion, as at the time of writing.
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