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Ripple completed the double bottom breakout to signal that an uptrend is under way.
The ripple broke out from its downtrend line and the double bottom, confirming that the bulls are taking control of the price action. A long green candle can also be seen in the daily time frame, also indicating that the bullish moment is taking hold.
However, the 100 SMA is still below the 200 long-term SMA to indicate that the path of least resistance is that of the downside. This suggests that there is still a chance that the selloff will resume, but it is also worth noting that Ripple has already passed this dynamic inflection point. The price may be on track to test the next dynamic resistance to the 200 SMA.
RSI is aiming for the top but it is also hitting levels of overbought, which suggests buyers feel exhausted and could let sellers regain control. The Stochastic has some space to rise before reaching the oversold region and also reflects the exhaustion of buyers.
The lowering could lead to bearish pressure and lead to a withdrawal to near support levels, perhaps up to the double bottom neckline around 0.3500.
Ripple has attracted much attention since a company executive noted that they are approaching the launch of xRapid, which would facilitate cross-border payments through the use of XRP itself. A number of large financial institutions are already collaborating with the company through its xCurrent platform, which is basically a real-time messaging service between counterparties that update each other on the stages of the transaction.
Being able to transfer these clients to xRapid would represent tremendous success and a demand for Ripple, so it is understandable that traders are trying to get a part of the action in advance. The Ripple executive also noted that the regulatory environment has improved and been more friendly with cryptography developments lately, keeping industry hopes ahead of the SEC ruling on bitcoin ETFs.
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