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Undulation formed lower highs and lower lows to lower the trend of a downward channel within the 1 hour time period. The price has just come out of a rebound from the resistance and is due to the transition to the low swing or the bottom of the channel around 3300.
It seems that the price is meeting some support in the central channel's area of interest, but it may still have enough momentum to continue on the route south. The 100 SMA is below the long-term 200 SMA, after all, confirming that the path of least resistance is downward.
The RSI is also turning lower to confirm that the selling pressure is at stake and that further declines are in the cards. However, the Stochastic is already plunging into the oversold region and is starting to veer higher to signal a return to bullish pressure. In that case, another test of the top of the channel may be underway and a higher interruption may signal an inversion.
Ripple was not immune to the crypto-bear market even though it was one of the most resilient cryptocurrencies. It is clinging to the first two places in terms of market capitalization after the recent overtaking of ethereum and many still believe it could overwhelm the bitcoin at some point.
Still, Ripple has met new criticism from the founder of the dogecoin Jackson Palmer. Investors are shaking off these remarks, even though Ripple and NEM have formed a European blockchain. The "Blockchain for Europe" association claims to be the industry's first unified voice in the region, probably an attempt for both to warm up with regulators.
As noted by Ripple's head of regulatory relations:
"Ripple is delighted to be a founding member of Blockchain for Europe, which is a critical moment for policymakers in Europe as they seek to develop the right regulatory framework to reap the benefits of both digital assets and blockchain technology "
