Ripple Price has commenced this week on a solid wave and it seems that it has touched its second resistance point. During the past 24 hours, it has been developed by more than 5%, and XRP price currently trades around 0.25166USD. It is displaying the growth of +0.00127 (+0.51%).
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Ripple Price Analysis
The Ripple opening price was $0.25004 at the starting of the day. In the first 5 hours, the XRP went through a descending inclination to drop more than 2% and got settled at $0.2363, the weakest apex of the day. It was accompanied by a tremendous excursion of more than 10% that totaled $0.0255 in the price and drove Ripple price to the highest at $0.2615 by 12 UTC.
However, it could not hold the price at this high for long and began trading descending from there. The Ripple price against USD slid to $0.2496 by 00:09 UTC today.
Ripple Price: Solid growth ahead?
The XRP is showing a great buying momentum. It is certainly not in the range of strong buy but 0.23% growth is indicating a solid growth ahead for Ripple.
If you closely observe the XRP pattern then the price is currently hopping. It has reached the S3 Fibonacci of 0.15561 retracements and the 200-period EMA, located at $0.2510. Ripple is trading within a growing channel as witnessed on the 1-day chart. The Ripple price has jumped the resistance. However, on XRP tapping the ‘perfect roof’ at $0.26, a more profound change took place driving Ripple right in the course.
Ripple releases 500 million XRP
Two days ago, blockchain analysis provider Whalealert recorded a large transaction on the blockchain. It was 500 million XRP (about $ 120 million) that were sent. It was a transaction from Ripple’s escrow account. The tokens were brought to the market. Ripple plans to launch XRP for 55 months at the beginning of the month.
The supply and demand determine the price. Adding large amounts of an asset to the markets usually hurts the price. Although XRP posted profits this year, the performance is rather poor compared to other coins. The entire crypto market grew by around 36%. XRP only by approx. 24%. The value increase of the coin is thus 12% below the average. The company released 1 billion XRP earlier this year.
As the transaction was only recently finished, the impact on the Ripple price is not yet been observed. It remains to be seen whether and to what extent the campaign will have an impact on the Ripple price.