Altcoin of the Week- XRP Close to Doubling in Price

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The market capitalization for Ripple’s token, XRP, started the week near $11 Billion. It is finishing the week above $20 Billion after the price of the token has nearly doubled in price.

The key catalyst for this move has been the announcement that RippleNet is now operating in 40 countries across six continents. RippleNet is part of Ripple’s xVia service and aims to facilitate fast and secure payments between financial institutions and payment providers through Ripple’s Interledger protocol.

The XRP token is not directly associated with Ripple’s xVia service, but it is not uncommon for the price of the token to surge on positive news related to Ripple’s other services. The price action has risen above the 50, 100, and 200 EMA’s and the MACD has crossed the centerline to the upside. The momentum is currently strongly on the side of buyers.

XRP Daily Chart – Source: Tradingview.com

We currently have a bearish divergence occurring on the hourly chart for XRP. Price is forming higher highs while RSI is forming a lower high. This is typically is associated with a fall in buying pressure and makes a price retracement more likely. After the large appreciations we have been seeing, a reversion to the mean would not be an unlikely scenario. However, with the technicals on the daily timeframe largely bullish showing a lot of momentum with the buyers, the hourly timeframe may have little impact. Longer timeframes give more powerful indicators.

XRP Hourly Chart – Source: Tradingview.com

Key Takeaways:

  • The market capitalization of XRP has increased from near $11 Billion at the start of the week to over $20 Billion after the token almost doubled in price.
  • The daily technical analysis shows momentum is strongly on the side of buyers.
  • Bearish divergence occurring on the hourly chart which may indicate a mean reversion is in store.
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Altcoin of the Week- XRP Close to Doubling in Price was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.

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