Ripple (XRP) Closes Prior Hour Up 0.14%; 2 Day Down Streak Snapped, in a Downtrend Over Past 30 Days, Price Base in Formation Over Past 14 Days

The Hourly View for XRP

Last Updated June 7, 2021, 11:17 GMT

Currently, Ripple’s price is up $0 (0.14%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on Ripple. Given that we see an uptrend 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 entered today at $0.9456, up 2.44% ($0.0225) from the previous day. This move happened on lower volume, as yesterday’s volume was down 36.05% from the day before — and down 52.2% from the same day the week before. 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

Coming into today Ripple is now close to its 100 day averages, located at 0.99 respectively, and thus may be at a key juncture along those timeframes. 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 30 day horizon; over that time period, price has been moving down. 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 additional context, note that price has gone up 7 out of the past 14 days.

Overheard on Twitter

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

  • From mrnguyen007:

    Here is my answer, when XRP hit $20.00 I will give away $20,000.00 to one of my lucky follower! Who will it be? I don’t ask for you to like, retweet, or do anything funny! But I will ask you to pray 🙏 for all the Covid-19 patients in the World 🌎..God bless you & I love you ❤

  • From Leerzeit:

    This litigation will soon be over. Even if we are tired now, after all we will be grateful for this legal case. No other cryptocurrency has ever been given such a powerful catalyst as #xrp. This case will soon prove to be a great gift to us. Hang in there, it won’t be long now.

  • From LeoHadjiloizou:

    Watching the Ripple wallet that holds Jed’s XRP drop below 1 bn XRP for the first time (on June 3rd) was a reminder that the end is near. That same wallet held more than 3.2 bn XRP on Dec 31, 2020. 648 mn XRP in that wallet currently
    588 mn in tacostand
    Jed’s XRP = 1,236 bn

In terms of news links for Ripple here’s one to try:

SEC v. Ripple: Judge could order monetary sanctions if SEC remains uncooperative – FinanceFeeds

“The Court has ordered the SEC to “search all of the relevant repositories for documents and discovery” for communications between the SEC and external third parties relating to XRP, bitcoin or ether….A few days ago, the court denied the SEC’s motion to compel Ripple to produce memos discussing XRP sales with the firm’s lawyers – a motion that Ripple Labs argued went against the rules of attorney-client privilege.