XRP price seems to be a big mover over the week since the company saw its token increase by 3 percent when the Asian session opened. Following the latest developments in our altcoin news, we make a broader analysis of the price action.
The XRP/USD dollar exchange rate reached a $0.344 intraday high after being held up in the red zone for the week. The pair boomed with a moderate volume when the traders changed the game as same as they did in the previous session. The XRP price could not have been established as a breakout, therefore. The movement is also considered as a bounce back with higher chances of fading away in the latest trading sessions.
The XRP price recorded a mixed track record as we mentioned in the coming altcoin news. This could be the case since Resona bank, the fifth largest one in Japan, decided not to use MoneyTap which is a Ripple-based blockchain payments service. In the same time, the ripple price increased after Weiss Ratings claimed that the Ripple labs company aims to partner with Skype.
Another announcement that could have impacted the XRP price came from Coinbase. The major San Francisco-based crypto exchange announced to be expanding their services to 11 regions including Hong Kong, India, and Mexico. This could have brought XRP more traders. The altcoin’s market cap is currently hovering around $14.3 billion.
The XRP price downtrend is capped by the 50-period moving average indicator. A slight bounce back could open a good long opportunity towards the 200-period moving average. The analysis shows that we can adjust the interim upside target to about $0.378 which is a tough level historically speaking when talking about bullish attempts.
If the XRP price continues its upwards momentum, everything will be well for the altcoin. If this does not happen however, ripple could face a stop loss order around $0.320 and will leave the market with a small loss.
The current upside action is quite weak. This gives the market a lot of chances to open a short position towards the downside target. The analysts are now waiting for the XRPprice to break below the 50-period MA. If that happens, a short move towards $0.289 will be great news. However, we should expect a stop loss order slightly above the 50-period MA in order to be able to manage risks.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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