XRP weekly price analysis 16 August: Token’s value has enjoyed positive recovery

Posted: 16 August 2018 5:05 pm

XRP has been seesawing higher and higher over the past few days, gaining momentum and raising its value.

Key takeaways

  • XRP endured a couple of rough spots through the week but seems to be mounting a recovery.
  • Trading volumes have been clobbered over the past seven days, down by almost one quarter.
  • Ripple has revealed a list of preferred digital asset exchange partners for its xRapid solution.

XRP began the week on Thursday August 9 at $0.341. The cryptocurrency reached a weekly high of $0.350 the same day before veering downward into the weekend and hitting a low of $0.291 on Saturday August 11.

The coin managed a slight recovery over the weekend, shooting up to a peak value of $0.312. However, this didn’t last and throughout Monday and Tuesday XRP lost any gains made, sinking to a weekly low of $0.254.

Since then, XRP has been seesawing higher and higher, gaining momentum and increasing its overall value.

At the time of writing the digital currency is priced at $0.296, up (2.3%) over the course of today’s trading.

Trading volumes shrank by almost one quarter (24.7%), down from $325.7 million to just $245.1 million.

Cryptorecorder notes that since the dip earlier in the week, XRP has been trading higher highs and lower lows. The outlook remains “slightly positive” and a break above $0.30 may encourage buyers to target higher levels.

Global blockchain company Ripple has revealed a list of three “preferred” digital asset exchanges for US and international customers conducting transactions using the firm’s cross border payments solution, xRapid. US-based Bittrex exchange will act as the company’s preferred partner for xRapid transactions in US dollars, while Mexico’s Bitso and the Philippines’ Coins.ph will be the recommended exchanges in those countries.

xRapid processes international payments at high speed with minimal liquidity and transaction costs using XRP. The XRP token is an independent digital asset developed on an open-source digital ledger, not by Ripple Labs.

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.

Latest cryptocurrency news

Picture: Shutterstock

Ask an Expert

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

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com 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.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site