The Hourly View for XRP
Last Updated March 3, 2021, 00:017 GMT
Currently, Ripple’s price is down $0 (-0.64%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as Ripple has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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 choppiness in the recent daily price action of Ripple continues; to start today, it came in at a price of 0.4457 US dollars, up 7.14% ($0.0297) since yesterday. The price move occurred on volume that was up 4.26% from the day prior, but down 81.89% from the same day the week before. Out of the 7 instruments in the Top Cryptos asset class, Ripple ended up ranking 4th for the day in terms of price change relative to yesterday. Below is a daily price chart of Ripple.
Ripple Technical Analysis
First things first: Ripple crossed above its 100 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Also of note is that on a 90 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 down 6 them. Those interested in trading off candles may wish to observe the emergence of a bullish engulfing pattern, which seems particularly noteworthy against the backdrop of a downtrend on the 14 day time periods.
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 sentosumosaba:
FINALLY!!! Japan uses crypto-asset #XRP for settlement w/ overseas business companies in Singapore!!! “It shows that it can actually be used for transactions related to settlement & we are confident that it has even greater potential in expanding the Swap market…” 1/2
- From MackAttackXRP:
There are many coins that do well. The SEC is why my beloved XRP is stepping on the brakes. In the meantime the battle continues, I am 100% committed to XRP as I see its proper use for 1000 reasons. XRP is ready to wake up for a long Bull summer.
- From XRyanP88:
I love how the die hard xrp maxies are hating on $xdc. $XRP is my favorite crypto, and my biggest bag, but if you don’t see the potential in $xdc you’re a fool, and don’t like money. The only reason I’m not buying more xrp right now is because my goal is met.
For a longer news piece related to XRP that’s been generating discussion, check out:
The Environmental Impact: Cryptocurrency Mining vs. Consensus | Ripple
In effect, the Consensus that governs transactions of the digital asset XRP solves for the “double spend” problem without the need for energy intensive Proof-of-Work mining….All XRP is already in existence, meaning no unsustainable mining practices or additional energy is ever required to produce more, unlike other digital assets like Bitcoin and Ethereum. The unsustainable mining practices and Proof-of-Work mechanism behind Bitcoin and Ethereum are massive barriers for the more widespread adoption of cryptocurrencies.