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Ripple previously paused beyond the resistance of the descending triangle but continued with his climb to the area .3570. It appears that this is maintaining a stronger resistance and the price is starting to retreat to show that a retracement is in order.
The update of the Fib tool on the latest low and high fluctuation shows that the 61.8% level aligns with an area of interest around moving averages. This is also just above the resistance of the broken triangle, which could now hold up as a support.
On the subject of moving averages, the 100 SMA is completing its crossover from the 200 SMA to indicate that the path of least resistance is on the upside. This suggests that the upward trend is more likely to resume rather than reverse.
However, RSI is moving down and has some space to continue heading south before hitting oversold levels. This suggests that downward pressure may remain in play for much longer and continue to push Ripple to nearby support areas.
Similarly, the stochastic goes south, so Ripple could follow the example while sellers have the upper hand. This indicator is approaching oversold levels, however, bears could soon be exhausted. Going back you could bring the buyers back and lead to a shift to the top and beyond.
Ripple is taking a few hits on news of his exclusion from the new Morgan Creek Asset Fund. This fund is supported by the Morgan Creek corporate investment house which currently manages $ 1.5 billion of assets and includes bitcoin, ethereum, bitcoin money, EOS, litecoin, zcash, monero, dash, ethereum classic and omisego.
According to Morgan Creek Digital partner Anthony Pompliano:
If there is a central party that owns 30% or more of an offer, then we will retain those from the index. Because we think it introduces a lot of additional risks that may not be there if it were a more decentralized network.
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