Ripple failed to sustain his bullish momentum after a previous upward break and repeated the test, falling back into a triangular consolidation model. This time, he formed higher lows and lower lows within a symmetrical triangle.
Price is testing triangular support and may be due to a rebound on top. After all, the 100 SMA is still above the 200 long-term SMA to indicate that the path of least resistance is on the upside. This suggests that support is more likely to hold rather than to break.
However, the gap between moving averages has shrunk enough to signal that a bearish crossover may be imminent. The price is already below these dynamic bending points to reflect a bit of downward pressure. A move below the triangular support around .3350 may mean a fall that is the same height as the chart model.
It appears that the RSI is higher, indicating that buyers are still trying to keep the price of Ripple afloat. Stochastic has also pulled up without even hitting the oversold levels to signal that the bulls are eager to return and defend the base.
Ripple's CEO, Garlinghouse, talked about developments in space and his perspective on cryptocurrencies, but this seems to have failed to support his price. He mentioned:
"If I were a consumer who suffers from hyperinflation, would you rather hold a cryptocurrency or would you rather hold your legal currency? And many of these cases, see people taking pesos of various kinds and say: I would rather keep it because it is a better asset to maintain in terms of potential appreciation and lack of inflation. "
to admit that part of Ripple's challenges concerns disinformation, especially because the new technology tends to spring from the darkest parts of society or from the anti-establishment sentiment. He clarified that the long-term value of cryptocurrencies is related to their utility of solving a problem.