Ripple price weekly analysis 30 May: A bump today keeps the price steady overall

Posted: 30 May 2018 7:36 pm
News

Is it a real bounce or a dead-cat bounce? It's too early to tell but today's bounce might be the first signs of recovery.

Key takeaways

  • Today's gains almost completely erased the week's losses.
  • Trading volumes are up today.
  • Moves by Santander Bank further back Ripple's play in bringing the world of crypto to the banking sector.

The last week has seen Ripple's (XRP) price fall consistently – until today. From last Wednesday till yesterday, the price fell from US$0.65 to US$0.55. Then today, we saw the XRP market gain almost 10% to make up almost all those losses.

That's almost exactly the same pattern we saw last week.

Over the last 24 hours, trading volumes have jumped from about US$186 million in a 24-hour period to US$417 million in a 24-hour period. This may indicate that the market is seeing a big opportunity as the price has reached levels that have attracted buyers back.

The Ripple 200-day simple moving average (SMA) is at US$0.61, which is about where the price is sitting now.

Santander Bank in the United Kingdom is rumoured to be releasing a new app, OnePay FX, which will be powered by Ripple in the "next couple of months" at about the same time as Ripple's xRapid platform, which will enable real-time payments in emerging markets.

Santander has customers spread across four countries, including the UK and Brazil, and the new platform could be used to send and receive money within a day via Ripple’s xCurrent platform.

Whether that speculation was part of what has been behind today's bounce is interesting, but it's one of the reasons why many people are confident in Ripple's long-term future.

Disclosure: At the time of writing, the author holds BTC, EOS, ETH, XLM, ETN, LTC, ADA and XRP.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest cryptocurrency news

Picture: Shutterstock

Latest crypto guides

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site