Ripple (XRP) Closes Prior Hour Up 0.25%; Heads Down For the 5th Consecutive Day, But Still in an Uptrend Over Past 90 Days

The Hourly View for XRP

Last Updated December 30, 2020, 03:017 GMT

Currently, Ripple’s price is up $0 (0.25%) from the hour prior. This is the 2nd straight hour Ripple has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on Ripple. Given that we see downtrend on the 20 and 10 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 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 came into today down 10.74% ($0.0266) from the open of the day prior, marking the 5th consecutive day it has gone down. The price move occurred on stronger volume; specifically, yesterday’s volume was up 139.44% from the day prior, and up 59.14% from the same day the week before. On a relative basis, Ripple was the worst performer out of all 7 of the assets in the Top Cryptos asset class during the day prior. Here is a daily price chart of Ripple.

Ripple Technical Analysis

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. For another vantage point, consider that Ripple’s price has gone down 19 of the previous 30 trading days.

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 xrp_mami:
  

  “There’s a reason the SEC is going after XRP first before Tether. Once XRP gets cleared from this initial lawsuit, the SEC will go after Tether/BTC next. The entire market will dump by 90%. (except XRP, which will be cleared) All that dump money will only have one place to go”

• From TorayKortan:
  

  Do you honestly think they would allow Ripple execs and Brad Garlinghouse to attend meetings with the leaders of the world and do no due diligence whatsoever on the legitimacy of the Ripple/XRP business model beforehand?Do you think they invited them round for tea and biscuits?

• From SwipeWallet:
  

  Swipe Wallet will be delisting $XRP for our USA users on January 5th 00:00 UTC. At this time, deposits and exchanging of $XRP will be disabled. Users will be able to withdraw their $XRP out by January 12th 00:00 UTC Thereafter, the $XRP Wallet will be disabled for USA users.

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

SEC V. Ripple: The Cryptocurrency Trial Of The Century

(Photo By Tom Williams/CQ Roll Call) Just hours before Security and Exchange Commission (SEC) Chairman Jay Clayton left the building on December 23 at the end of his tenure, the SEC filed a lawsuit against Ripple Labs Inc., alleging that it raised over $1.3 billion through the sale and distribution of the digital assets of XRP without registering….The case has interesting parallels to telecommunications in which regulators use obsolete laws to regulate new technologies, undermining U.S. competitiveness in innovation….This determination has not stopped the SEC from claiming that Ripple’s practices with XRP amount to  investment contracts under the Howey test and hence require disclosures as “securities.” The SEC has brought similar suits against other cryptocurrencies, notably Grams from Telegram and Kik Interactive tokens, causing tension in the cryptocurrency world as America’s eight financial regulators jockey for pre-eminence as the top cop in fintech….Reasonable minds can agree that however compelling financial technology may be, Congress, not regulators, decides what is regulated. Despite cryptocurrency industry pleas for a rational framework, Congress unfortunately has said little about cryptocurrency, leaving regulators to make up their own rules.