Ripple price weekly analysis 30 May: A bump today keeps the price steady overall
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.
- 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.
- Bitcoin price lags while regulators raise fears and banks grapple
- Bitcoin price sees volatility around $37,000 with Pantera Capital projecting $115,000
- Ethereum price: Upswing may be on the cards as ETH continues leaving exchanges
- Bitcoin falls 10% in weekend trade as alts run
- Ethereum price: Upward surge noted but fears of near-term volatility continue to persist