XRP had a very strong midweek sell off in line with the broader market. That sell off has come amid a huge drop in the XRP market capitalisation and a strong flurry of trading volume that has since settled along with some stability in price.
According to CoinMarketCap, XRP began the week on solid footing trading in a range around the US$1.99 mark. By midweek any semblance of price stability had smashed like a window on concrete as the price went into a free-fall, halving its price to hit a midweek bottom of US$0.90 on 17 January 2018.
By the next evening XRP recorded a surge to US$1.73, closing out the week trading at around US$1.44 at the time of writing. This shows since the rebound to US$1.73 XRP has traded with relative stability showing a price range of around US$0.30 over a period of three days to 21 January.
XRP’s market cap took a battering in line with price differentials starting out the week at US$77.1 billion moving to as low as US$34.8 billion by midweek trade. XRP’s market cap rebounded strongly after that with a show of strength at US$67.1 billion before closing out the week in relative stability with a market cap of around US$55 billion
Talking about 24-hour trading volume, XRP had not managed much over US$2 billion. That was until on 16 January XRP’s 24-trading volume began to surge wildly by over five times reaching US$10.6 billion by the evening of 18 January.
Since the changes of CoinMarketCap’s price, it looks like there is some pattern beginning to emerge over the last couple of weeks, at least in terms of 24-hour trading volume. The pattern seems to be a surge in trading volume leading into a midweek peak and softening before returning to a stable level as the weekend approaches.