Ripple Increases Nearly 14% Making A Swift Recovery

Ripple seems to be a big winner this Friday as the XRP token price increased up to 13 percent when the European market opened. Following the latest developments, we read more about the price action in the latest altcoin news below.

The XRP to dollar rate reached an intraday high of $0.372 and earlier the same day the pair started a downhill motion in a huge bearish correction. It did eventually confirm its reversal upon the 0.329 resistance level. The way back came due to the substantial volume with more XRP pushing towards Tether’s stablecoin and Bitcoin (BTC).

According to the data from CoinMarketCap, the XRP-enabled pairs performed a $2.350 billion worth of trades over the past day. At the same time, Yahoo Finance issued a report stating that the same volume was at $49.84 million on a real-time starting point.

Ripple went through a series of developments during this week. For example, the blockchain initiative by the European Commission stated Ripple is a crucial associate. Also, the Ripple Company made a partnership with the UK-based RationalFX in order to lend their RippleNet payment system. Finally, the Nordic Growth Market owned by the popular Boerse Stuttgart introduced an XRP tracking exchange-traded product for its investors.

However, there is no clear statement that the recovery today was because of all the previous news. The coin was initially moving forward since April 2. Bitcoin, on the other hand, started a correction phase towards the lower levels yesterday and many cryptocurrencies followed the path. XRP was one of them but it detached from BTC later today.

The XRP recovery seems to be preparing for another race towards the $0.379 range. The analysis shows that the XRP price was forming a shoulder pattern but it confirmed a neckline position later today getting back from its upside action.

XRP is likely to trade sideways for a while testing both of the sides of the trend line. Meanwhile, the asset is about to break below the shoulder-line and will try to bounce back again.