Ripple price analysis: After stupendous rally, volatile at its best; Some consolidation in the offing
- Volatility rises after Friday's gains as investors cash out.
- Gains after falling as much as 12 pct.
Ripple, the global cross-border payments solution providing cryptocurrency, is volatile at its best on Saturday after surprising everyone with its price rally that resulted in prices reaching as much as $0.76, from the close of $0.26 3 on Monday - a 192 percent rise.
XRP/USD is up more than 5 percent at $0.592 at the time of writing this article and trading in the range of $0.49 - $0.61. Ripple, which has been consolidating for last few months after falling more than 90 percent from the top, finally broke out of its consolidation phase.
This three day rally, though might stall a bit for now as the prices enter overbought zone and investors try cashing out of the fast paced gains offered to them.
XRP/USD daily chart:
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Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
