The Hourly View for XRP
Last Updated June 7, 2021, 06:017 GMT
Currently, Ripple’s price is down $0 (-0.03%) from the hour prior. Ripple has seen its price go down 24 out of the past 30 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on Ripple. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 10 hourly candle timeframe, so the meaning of the candles may require further exploration. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
Ripple Daily Price Recap
The back and forth price flow continues for Ripple, which started today off at 0.9456 US dollars, up 2.44% ($0.0225) from the previous day. This move happened on lower volume, as yesterday’s volume was down 36.05% from the day before — and down 52.2% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Ripple ranked 2nd since the previous day in terms of percentage price change. Let’s take a look at the daily price chart of Ripple.
Ripple Technical Analysis
Coming into today the current price of Ripple is sitting close to its 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for Ripple has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to view things another way, note that out of the past 10 days Ripple’s price has gone up 5 them.
Overheard on Twitter
For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Ripple for the past day were:
- From mrnguyen007:
Here is my answer, when XRP hit $20.00 I will give away $20,000.00 to one of my lucky follower! Who will it be? I don’t ask for you to like, retweet, or do anything funny! But I will ask you to pray 🙏 for all the Covid-19 patients in the World 🌎..God bless you & I love you ❤
- From Leerzeit:
This litigation will soon be over. Even if we are tired now, after all we will be grateful for this legal case. No other cryptocurrency has ever been given such a powerful catalyst as #xrp. This case will soon prove to be a great gift to us. Hang in there, it won’t be long now.
- From LeoHadjiloizou:
Watching the Ripple wallet that holds Jed’s XRP drop below 1 bn XRP for the first time (on June 3rd) was a reminder that the end is near. That same wallet held more than 3.2 bn XRP on Dec 31, 2020. 648 mn XRP in that wallet currently
588 mn in tacostand
Jed’s XRP = 1,236 bn
For a longer news piece related to XRP that’s been generating discussion, check out:
“The Court has ordered the SEC to “search all of the relevant repositories for documents and discovery” for communications between the SEC and external third parties relating to XRP, bitcoin or ether….A few days ago, the court denied the SEC’s motion to compel Ripple to produce memos discussing XRP sales with the firm’s lawyers – a motion that Ripple Labs argued went against the rules of attorney-client privilege.