By Hidayat Sultanli
On Sep 12, 2020
Ripple has shocked the market with its unprecedented growth in the last 24 hours. It has been by almost 8.5% in this period. The value has now gone from 0.24 USD to a 0.26 USD price range. The four price swings have given a range between 0.2360 USD and 0.2610 USD.
The first variation started at the very opening of the day when it was being traded near 0.2407 USD. In the next four and a half hours, it lost 0.0047 USD to be placed at 0.2360 USD. It was followed by a huge hike of 10.64% which pushed the value to 0.2609 USD. However, this value could not be sustained for long and it took a downfall to 0.2508 USD by 20:13 UTC. The last swing started at 20:13 UTC and by 02:53 UTC today, it scaled 4.11% to reach 0.2611 USD.
Over the last seven days, the value has taken a paradigm shift. With huge volatility, the value has traveled from 0.2860 USD to 0.23 USD. In an overall downward trend, it has lost enormous value.
Ripple is technically on its third day of recovery and the same momentum is likely to continue today as well. Its current price trend is actively going above its 20-day and 50-day average. Ripple’s next halt may come at 0.273 USD.
Resistance and Support Levels R1- $0.264, R2- $0.273, R3- $0.286 S1- $0.242, S2- $0.229, S3- $0.220
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