A massive drop in the price of Ripple can be noticed according to the latest altcoin news and analysis after the value of the asset dropped by 12 percent from its weekly high.
The XRP/USD exchange rate declined to an intraday low at 0.3003 today after just forming a new weekly high yesterday at 0.3429 due to the major banking giant Swift and its announcement for its partnership with R3 Corda.
Traders saw the event as a sign of the next bull movement because the price surged quick but later halted its upside movement on the formation towards $0.342. A correction followed during Thursday and the XRP/USD pair was standing at 0.3043 this morning at 9:00 UTC which is a 1.30 percent increase from its intraday low. During the day, the pair has dropped by more than 3 percent over the past 24-hours.
The reverse movement in the value of XRP shows that the traders didn’t really intend on holding the token. After the Paris Fintech Forum, Ripple CEO Brad Garlinghouse announced that they have no problem with partnering with Swift because it is a banking network that connects more than 11,000 financial institutions and this is when the price of ripple jumped up by 9 percent.
The XRP market saw three selling sessions yesterday (December 31) on an hourly basis. The XRP/USD pair had managed to drop to 0.3103 since the traders extended their short positions and brought a slight upside correction, but it soon switched down after testing the 0.3206 positions.
The support area for the XRP/USD pair could fall towards 0.2898 and 0.2853.
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“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
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