XRP Volatility Analysis for Durable Orders, 24th May 2024

Data Analysis

The data released by Bureau of Census for Durable Goods Orders on 24th May, 2024 has come in at a decrease to -0.2% for April 2024. Compared to the previous release for March 2024 at 1.7%, we can see that business confidence is still decreasing month over month.

To see the impact and volatility of XRP's price during the Durable Orders release, we will first observe the difference in volume and price changes on the 4-hours chart, followed by the 15-minutes chart. Change in prices will be be determined by the high and low prices instead of the opening and closing prices.

4-Hours Chart Analysis

In the period prior to the release, the trading volume was 71.696M XRP with prices swinging between 0.5191 and 0.5318, representing a swing of 2.39%. Subsequently, the trading volume increased by 16% to 83.264M XRP. Price action ranged from a low of 0.5281 to a high of 0.5375, a difference of 1.75%

15-Minutes Chart Analysis

Analysing on a lower time frame to get a more accurate picture, 2.817M XRP in trading volume was observed prior to the data release. Prices ranged between a low of 0.5278 to a high of 0.5299, a 0.40% change. Immediately following, trading volume increased significantly by 202% to 8.507M XRP. At this time, XRP hit a low of 0.5281 with a high of 0.5335, a significant change of 1.01%.

About Durable Goods Orders

The U.S. Census Bureau publishes the Durable Goods Orders report every month. Durable goods orders reflect new orders placed with domestic manufacturers for delivery of long-lasting manufactured goods (durable goods) in the near term or future. The change in the total value of new orders is measured and shared with the public in two releases per month: the advance report on durable goods and the manufacturers' shipments, inventories, and orders.