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XRP price analysis 1 October: Token’s value falls after bullish trend line is broken

Posted: 2 October 2018 2:56 am
News

The coin has fallen around 7% in the last 24 hours, unable to push past the US$0.60 resistance level.

Key takeaways

  • XRP has experienced some turbulent price movements in the last 24 hours.
  • Trading volumes have remained relatively stable over the past few days.
  • Analysts suggest that XRP/USD price has crashed from a rising channel pattern.

XRP has fluctuated significantly over the past 24 hours of trading. This time yesterday, the coin was valued at US$0.591 but sank down to US$0.565 by mid-afternoon. The coin has lost 7.5% of its value over the last day.

XRP

Following this the cryptocurrency clawed back from its losses, gaining almost US$0.04 to reach US$0.602 by late Sunday evening. However, since then the token has been slowly losing value, dropping as low as US$0.537 earlier this morning.

At the time of writing, XRP was valued at US$0.547.

24-hour trading volumes reduced slightly from US$1.329 billion yesterday to US$1.311 billion today.

Most of the digital currency market is in the red today.

CryptoGlobe analysts advise that XRP's token is likely to be in a range bound movement, having been resisted. The coin is also above the 12-day EMA and the 26-day EMA, indicating that the bullish trend is continuing.

Ripple, in partnership with Thailand's Siam Commercial Bank (SCB), has revealed it will pioneer a new feature known as "multi-hop". The function will allow for the frictionless settlement of payments on behalf of other financial institutions on the network, eliminating the need for direct or bilateral one-to-one connections.

Additionally, Ripple is preparing to host its largest event to-date. SWELL 2018 is a two day conference that will be held in San Francisco on October 1-2. Keynote speakers include former US President Bill Clinton, American former US national executive council director Gene Sperling, Ripple CEO Brad Garlinghouse and many more.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

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.

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