Ripple’s (XRP) Price Attempts A Pullback After Dropping by 12%

Ripple’s (XRP) price attempted a slight pullback after it dropped by more than 12 percent over the weekend and in the coming altcoin news, we look at the price analysis further.

The XRP-to-dollar exchange rate maintained a cycle low of $0.371 back on Sunday at about 1600 UTC. This downside action brought Ripple’s market cap to reach a new low at $16.04 billion which is an 11 percent drop from the Saturday peak level. The highest point of the market cap of the action this year was at $19.67 billion.

Ripple’s (XRP) price went under a small upside correction today, surging slightly above 5.5 percent to settle a new intraday high towards $0.392 at 0700 UTC. However, the jump appeared that it had no substantial volume, hinting a weakening momentum. This price move reached a stronger interim bearish sentiment for the XRP market this month since the losses of the altcoin this month extended up to 20 percent from the 7 percent only last week.

Thailand’s largest commercial bank Siam Commercial Bank noted on June 5 that it will start using XRP in their ripple-based payments services. The asset’s price surged as much as 11 percent after the news. However, the bank issued a contradictory tweet just a day later saying that they ‘’are so sorry for the previous information of the previous post’’ saying that they don’t have any plans on using XRP. The price later dropped by as much as 12 percent in a 24-hour period after the contradictory level.

The traders seem to have bought the Siam rumor believing that the XRP’s demand from Thailand’s commercial bank will lead the price on a long-term bullish case. After Siam backed down, the same traders who bought XRP at a weekly low, decided to exit their positions at an interim profit and thus creating a dip in the market. At the same time, Ripple’s (XRP) price plunged following a market-wide correction sentiment while Bitcoin dropped by more than 7 percent.

As reported in the latest cryptocurrency news, the XRP-to-dollar exchange rate is now trending upwards and creates a new pattern that shows that the price can survive as long as the pair tests the $0.394 price level or the descending trendline as resistance. At its current price, XRP-to-exchange-rate is still about 50 percent up from its cycle low of $0.251.