Ripple (XRP) Closes Prior Hour Up 0.14%; Price Base in Formation Over Past 30 Days, Makes Big Move Relative to Two Week Trend, in an Uptrend Over Past 90 Days

The Hourly View for XRP

Last Updated May 11, 2021, 02:046 GMT

At the time of this writing, XRP’s price is up $0 (0.14%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as XRP has now gone down 24 of the past 30 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on XRP. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Ripple Daily Price Recap

Ripple came into today down 9.44% ($0.145) from the open of the day prior, marking the 5th consecutive day a decline has happened. As for how volume fared, yesterday’s volume was up 60.13% from the previous day (Sunday), and up 77.12% from Monday of the week before. Relative to other instruments in the Top Cryptos asset class, Ripple ranked 6th since the day prior in terms of percentage price change. Here is a daily price chart of Ripple.

Ripple Technical Analysis

First things first: Ripple crossed below its 20 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For another vantage point, consider that Ripple’s price has gone down 9 of the previous 14 trading days.

Overheard on Twitter

Over on Twitter, here were the top tweets about Ripple:

  • From mrnguyen007:

    Today my buddies from 3 different countries joined me on a test trial to see how fast XRP Transaction after we hit the send button… I’m thrilled to share with my followers. Go XRP! 🔥🇺🇸 —> 🇲🇽 = 3 Seconds
    🇲🇽 —> 🇰🇷 = 4 Seconds
    🇰🇷 —> 🇩🇪 = 3 Seconds
    🇩🇪 —> 🇺🇸 = 4 Seconds

  • From Pentosh1:

    I currently own 0 $XRP fwiw nor have I charted it or tweeted about it in months. But I spoke to someone who works on securities cases like these and he basically said the outcome is “95% chance of settlement and Ripple continues on their way. I doubt they are going anywhere”

  • From xrp_mami:

    You can be mad all you want. But it won’t change the fact that crypto is decentralized and people will put their money in what they want to put it into. $XRP will have it’s time. But go with where the market wants to go in the meantime. Stop tweeting wack shit and tagging me LOL

For a longer news piece related to XRP that’s been generating discussion, check out:

SEC demands Ripple reveal legal advice Ripple received on XRP

Ripple Labs lawsuit just a day after a judge ruled to give Ripple access to the U.S. Securities and Exchange Commission’s internal documents on XRP, Bitcoin and Ether.  According to a new legal filing, the SEC is now seeking a conference to ask the court to force Ripple to produce documents and testify regarding legal advice it received on whether “Ripple’s offers and sales of XRP were or would be subject to, and in compliance with, the federal securities laws.” Normally, the legal advice that attorneys provide to clients is protected from disclosure to third parties, including the government….But the SEC is saying it needs to know what legal advice Ripple received regarding the status of XRP under U.S. securities laws, as Ripple put that the legal advice at issue in Ripple’s own “fair notice” defense — and thus has “waived” its attorney-client privilege over that information.