Market Update and Ripple XRP Price Analysis: April 29, 2019
The total crypto market cap lost $2 billion of its value since April 26, 2019, and now stands at $171.6. The top ten cryptocurrencies are all in red for the 24-hour period with Bitcoin Cash (BCH) being the worst performer with a four percent loss. At the time of writing, bitcoin (BTC) is trading at $5,507, ether (ETH) at $163, and Ripple’s XRP hovers around $0.31.
Bitcoin bounced back from $5,212 on April 26 and managed to push its price up to $5,410 prior to the weekend. On Saturday, April 27 and Sunday, April 28, the BTC/USD pair gained 1.7 percent of value and climbed to $5,490, still, it remained flat for the seven-day period.
After dropping to $154 midweek, the Ethereum token entered the weekend at $161 hoping for another green wave to $170. The ETH/USD pair gained a little more than a percent for the two days and closed the week at $163, four percent down.
The Ripple company token formed a second consecutive red candle on the daily chart on April 25 and after losing six percent of its value to $0.302 during the previous session, it moved even lower, this time to $0.29. The downward correction resulted in another four percent loss as the XRP/USD pair touched $0.282 during day trading. Last time observers saw this level was in September 2018.
Ripple released its Q1 2019 XRP Markets Report on April 24. The company reported a $169 million in total sales in the first quarter of the year, which is a 31 percent increase compared to Q4 2018. The average XRP daily volume was at $595, with no change from the previous period. Nineteen new exchanges listed the Ripple token, while 13 new customers joined RippleNet payment network.
The coin was under immense pressure, but bulls were able to react fast and pushed price six percent up to $0.309 on April 26. It was of critical importance to hold above the psychological level of $0.30 and not allow further decline below this mark.
The weekend found the XRP token hovering between $0.309 and $0.304 before closing the week with a 4.3 percent loss.
The Saudi British Bank (SABB), one of the five largest Saudi Arabian banks by deposits announced it will be upgrading its instant payment services based on the Ripple blockchain. The news was shared during the Financial Sector Conference in Riyadh.
The launch of Instant Cross-Border Transfer Service on the blockchain is the logical next step for SAAB after the financial institution joined RippleNet back in January 2018. The bank successfully executed its first Ripple-based transfer with Indian Rupees in December last year and now aims to expand its portfolio of currencies available for end users.