Ripple (XRP) Closes Prior Hour Up 0.47%; Heads Up For the 4th Straight Day, Price Base in Formation Over Past 90 Days, Pin Bar Pattern Appearing on Chart

The Hourly View for XRP

Last Updated October 11, 2020, 01:036 GMT

At the moment, XRP’s price is up $0 (0.47%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as XRP has now gone down 8 of the past 10 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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

Ripple closed the previous day up 0.39% ($0.001); this denotes the 4th straight day an increase has occurred. The price move occurred on volume that was down 14.99% from the day prior, but up 132.34% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Ripple ranked 5th since the previous day in terms of percentage price change. Below is a daily price chart of Ripple.

Ripple Technical Analysis

The first thing we should note is that the current price of Ripple is sitting close to its 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. 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. For another vantage point, consider that Ripple’s price has gone up 17 of the previous 30 trading days.

Overheard on Twitter

Behold! Here are the top tweets related to Ripple:

• From BitrueOfficial:
  

  #PayID address registration will be live on Bitrue very soon, show us how excited you are and you may win 100 $XRP, PLUS we’ll let you pre-register your personal PayID!1. Retweet
  2. Comment with #BitruePayID & raise your hand 💁‍♂️5 winners will be drawn in 24h, good luck!

• From KyleMacLeanX:
  

  Gemhunters (I’m one) always crap on the Top 10. This is not financial advice, but I see 4 POTENTIAL 100Xs in the Top 10:🔥 $XRP to $25
  🔥 $DOT to $400
  🔥 $ADA to $10
  🔥 $LINK to $1000None of those sound crazy to me. I will not engage with the “But marketcap” crowd today 🤗

• From Janna_One_Trick:
  

  Line of Credit will allow #RippleNet customers to source capital and grow their business@Ripple can now lend capital through ODL without FX risk and with greater flexibility than through traditional marketsIt means more XRP buying pressure with potentially high value payments

As for a news story related to Ripple getting some buzz:

Ripple: Flare CEO proposes mechanism to issue assets on XRP Ledger

In a publication titled “Closing the circle on XRP Flare Interoperability” Flare Networks co-founder and CEO Hugo Philion describe a proposal to redeem assets on the XRP Ledger….In fact, the proposal states that assets on the XRP Ledger except for XRP are called Issued Currencies (IOUs)….To issue the new token, called US Dollar Flare (USF), Philion states: The objective is then to the issue an IC on the XRP Ledger representing USF such that there is no reliance on a centralized third party when trading and redeeming back to Flare….To redeem the token on the XRP Ledger, a user must only send it to the issuing account with the Flare address to which they want to credit the funds, according to Philion.