Pump and dump Ripple: 12% drop from weekly high.

[Paha87]

The XRP/USD rate fell to an intraday low of $ 0.3003, after yesterday the pair set a new weekly high at $0.3429 thanks to the integration of Swift and R3 Corda.

Traders perceived the merger of the global banking giant and the largest blockchain community as an event that would push the rate up. The price rose sharply, but it was found that its upward momentum is limited to a higher maximum of $0.3429, and the subsequent correction collapsed rate.

Dump and dump

A sharp change in the trend in the XRP market indicates that traders did not intend to hold the token. The spot market was spurred by the events that developed at the Paris FINTECH forum. There, Ripple CEO brad Garlinghouse announced that they are open to partnering with Swift - a banking network that links more than 11'000 financial institutions - in their blockchain trials. After the price, the XRP / USD rate rose by more than 9% in just three hours.

31 Jan XRP on the market began the session sales. Between 07:00 UTC and 10:00 UTC, the exchange rate XRP/USD fell from 0,3329 to 0,3103. Meanwhile, traders closed short positions, which led to a brief upward correction. The pair again moved to the other side after checking 0.3206 for a breakout, forming three long red candles.

From a technical point of view, XRP hints at a major sales round in the short term. The chart above indicates the death cross-it appears when the short-term moving average crosses the long-term moving average. You can also see here that the 50-period EMA is slipping below the 200-period EMA.

The increase in volume tends to confirm the long-term effects of the death cross. Today, the daily trading volume of XRP is modest compared to recent figures.

Meanwhile, rising trendline (Support Trendline) holds the exchange rate XRP/USD from the formation of lower lows. The support zone, at best, can allow the pair to continue the upward movement.However, in case of breaking the support line of the exchange rate XRP/USD may fall to the next target region between 0,2898 and 0,2853.

LINK - https://altstake.io/news/pamp-i-dampripplepadeniena-12-s-nedelynogomaksimuma