Ripple, the native cryptocurrency of the RippleNet distributed ledger network, is up over 10% on Wednesday, March 20, 2018. The crypto is now trading at $0.66, an increase of 0.24% in the last 24 hours and 3.35% on the week. It has a current circulating supply of 103 billion coins and a market cap of $19.22 billion. Visit the Ripple website today and discover more about this cryptocurrency.
The Ripple Protocol is a product of Ripple Labs , a San Francisco-based start-up that offers a faster, cheaper, and more scalable alternative to the traditional payment system. It allows consumers and businesses to transact across the world quickly and securely without the need for a bank account. The Ripple Protocol is designed to operate without the need for a third-party intermediary, thus making it a decentralized, peer-to-peer payment system.Summary of the situation
- Analysis of the Ripple price shows that XRP has failed to reach the $0.9 price level.
- Despite support around $0.78, Ripple appears to be in a free fall.
- The main technical indicators are down.
Since the beginning of the month, Ripple’s price movement seems to have taken a downward trend. The cryptocurrency for cross-border money transfers fell on May 23. from a high of $1.71 to $0.65, before recovering on May 3. June to a high of $1.1.
Ripple price analysis: Price Overview
Ripple seems to be regaining ground after a recent collapse in which the cryptocurrency lost significant value. Thanks to the slight rally, Ripple is showing minor reversal signals in its bearish outlook that has been in place since early June. At the time of writing, Ripple is trading at around $0.86. During yesterday’s analysis, news of Donald Trump’s skepticism about cryptocurrencies and bitcoin flooded in, with him labeling them a fraud. The former president’s actions have not only undermined the cryptocurrency market, but also pushed the price of Ripple further away from the $1 mark. Fortunately, the cross-border token seems to have managed to recoup some of its losses during this morning’s trading session. Ripple has lost about 15% of its value over the past week, despite promising developments in the SEC lawsuit and news of increased use of its technology. In response to the new developments, Ripple Labs asked the court to set aside the report submitted to it. According to the report, the SEC reportedly took action against several other cryptocurrency companies before going after Ripple Labs.
Ripple price movement in the last 24 hours
Source: TradingView According to the 24-hour chart, the buying volume of Ripple in the market has been low, which is highlighted by the OBV technical indicator. Moreover, the cryptocurrency’s price rose about 2% on Tuesday, partially reversing Monday’s 9% decline. During yesterday’s trading session, Ripple closed the day at around $0.875. In this morning trading session, the cryptocurrency started off choppy, with the price flipping to an intraday low of $0.78 midway through the day, before finding support. A look at the 24-hour price chart shows that Ripple broke through the 62% Fibo retracement level at $0.86 and the first significant support level at $0.811 before finding support.
Source: TradingView Despite the negative price action, Ripple rallied and settled above the 62 percent Fibonacci retracement level, hitting an intraday high around $0.886 late in the day. Currently, Ripple is yet to test critical support and resistance levels, and the cryptocurrency appears to be trading sideways. According to short-term technical indicators, Ripple is currently in a downtrend. For example, the 4-hour Relative Strength Index is still drifting into negative territory. In addition, the moving average convergence divergence appears to be approaching the 0.00 signal line.
Currently, the road for Ripple is paved with few obstacles. So, if the crypto asset gains support at $0.78 or $0.8, Ripple bulls could have a chance to resume the rise. However, in the event of another significant price decline, the crypto asset could find itself near the primary support line at $0.65 reached in May. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.