XRP price analysis 1 October: Token’s value falls after bullish trend line is broken
The coin has fallen around 7% in the last 24 hours, unable to push past the US$0.60 resistance level.
- 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.
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.
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