Ripple (XRP) Price Near $0.30; Breaks Below 200 Day Average, Heads Down For the 2nd Day In A Row, in an Uptrend Over Past 14 Days

The Hourly View for XRP

Last Updated January 12, 2021, 06:017 GMT

Currently, Ripple’s price is down $0 (-0.16%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as Ripple has now gone down 4 of the past 5 hours. 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 an uptrend 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 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 8.63% ($0.0272) from the open of the day prior, marking the 2nd day in a row it has gone down. As for how volume fared, yesterday’s volume was up 24.13% from the previous day (Sunday), and up 19.71% from Monday of the week before. Out of the 7 instruments in the Top Cryptos asset class, Ripple ended up ranking 3rd for the day in terms of price change relative to the day prior. The daily price chart of Ripple below illustrates.

Ripple Technical Analysis

Moving average crossovers are always interesting, so let’s start there: Ripple crossed below its 200 day moving average yesterday. Volatility for Ripple has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For another vantage point, consider that Ripple’s price has gone down 18 of the previous 30 trading days.

Overheard on Twitter

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

  • From JoelKatz:

    @VentureCoinist @MycolePawket @Ripple To say bitcoin will beat XRP, you have to think that all that matters is its lead. It’s slower. It’s more expensive. It lacks on-chain features like account security management. We don’t know if block generation will be stable as the block reward drops. …

  • From Fame21Moore:

    I watched XRP sit at .20 cents, .18 cents, 10 cents, 3 dollars… But when XRP kissed .90 and then dropped to .17 i have to admit that had an affect on me. Didn’t sell, but it did fuck with my head.

  • From Kevin_Cage_:

    I’d like to repeat my stance since the noobs keep DMing me & misconstrue everything I say.I will not sell ANY of my LT $XRP. I can’t risk it knowing that many exchanges have halted trading. It is locked in cold storage & will be untouched (just like it has been for years)

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

Job postings indicate that Ripple is working with central banks for CBDCs

As three open positions as “Technical Partner Manager, Central Banks “for London, New York and San Francisco show, Ripple might already be at a more advanced stage in terms of digital central bank currency projects than was previously publicly known….According to the job postings, technical partner managers are expected to play a central role in expanding Ripple’s collaboration with central banks around the world by designing and leading the deployment of CBDC projects and solutions….The central bank noted that the test “proved promising in enabling RTGS systems that are seamless and globally interoperable.” At the Yahoo Finance “All Markets” conference in 2018, Garlinghouse also confirmed that the BoE is “a paid customer of Ripple.” Furthermore, it is also known that Ripple had meetings with the Central Bank of Cambodia as well as the Central Bank of Brazil in the past.