Ripple (XRP) Closes Prior Hour Down -0.04%; Moves Down For the 3rd Consecutive Day, Price Base in Formation Over Past 14 Days

The Hourly View for XRP

Last Updated October 3, 2020, 07:016 GMT

Currently, XRP’s price is down $0 (-0.04%) from the hour prior. XRP has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. 2 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 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 is down 1.68% ($0.004) since the previous day, marking the 3rd consecutive day a decline has happened. The change in price came along side change in volume that was up 15.82% from previous day, but down 17.23% from the Friday of last week. Out of the 7 instruments in the Top Cryptos asset class, Ripple ended up ranking 2nd for the day in terms of price change relative to the previous day. Let’s take a look at the daily price chart of Ripple.

Ripple Technical Analysis

Notably, Ripple is now close to its 20 and 100 day moving averages, which may act as price barrier for the asset. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For another vantage point, consider that Ripple’s price has gone up 7 of the previous 14 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 CredibleCrypto:

    Keep it real.$XRP price IS NOT “pre-determined.” $XRP IS NOT “backed by gold”. $XRP WILL NOT reach the prices $BTC has ($10,000+).$XRP will NOT replace the dollar.But it doesn’t need to do ANY of these things to make you and me life changing money over the next 3 years.

  • From joker_xrp:

    The Market Is FUCKED. All of it, Assets, Oil, Stocks and Bonds Propped Up & Inflated To Such An Extent That One Could Deem Worthless In Regards To The Current Monetary System. Gold/Digital Assets Will Back The New System. Xrp Being The Most Efficient & Liquid #XrpCommunity #Xrp🃏

  • From XRPArmyNews1:

    Hello @joerogan my name is Scott Powell. I love RIPPLE. I love XRP! I love all people of Earth. I love the Joe Rogan Experience. As a Demonstration of Cooperation I have been asked to request for you to have Sam @HamEggsnSam on your show. Will help you accept with a little help

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

Ripple: How cryptocurrency can be a viable route to sustainability for financial technology – The Block

But it’s fintech, namely cryptocurrency and blockchain technology, that can ensure this future is a more sustainable one….In all, this makes the energy consumption of XRP 57,000 times more efficient than Bitcoin….Ultimately, as digital payments increase, so will the adoption of blockchain and cryptocurrency – presenting an opportunity for fintech to lead global finance toward a sustainable future….While cryptocurrencies are a robust eco-friendly alternative to fiat currencies, bitcoin and XRP hold very different energy footprints….XRP is green by design; as of today, the XRP Ledger is carbon net-zero and settles transactions without the high energy costs associated with proof-of-work mining.