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Ripple was consolidating earlier in a descending triangle in its 1 hour time frame, but broke up to signal that the bulls won. The price has touched a limit around the 0.3600 level, however, and a pullback may be needed to raise more energy for a rally.
Applying the Fibonacci retracement tool on the last low and high swing shows that the 61.8% level is closer to the broken resistance, which could hold around 0.3300. A smaller correction could find support for 38.2% or 50% of Fib, which aligns with the dynamic deflection point of 100 SMA.
In terms of moving averages, 100 SMA exceeds the 200 long-term SMA to indicate that the path of least resistance is on the upside. This means that the upward trend is more likely to resume rather than reverse. The gap between the moving averages is also widening to signal a greater upward momentum.
However, RSI has already hit the overbought territory to signal exhaustion among buyers. Turning down could lead to a sales pressure such as to lead to a reduction in support at 0.3150. The Stochastic has not yet reached levels of overbought but is also showing signs of subsidence and may be ready to fall back down.
Ripple was recently added by the Bittrex exchange available for eligible personal and business accounts. As announced on Twitter:
Today we add XRP and ETC to our USD (Fiat) markets in addition to the previously announced USD pairs for Bitcoin (BTC), Tether (USDT), TrueUSD (TUSD) and Ethereum (ETH
bring more liquidity and activity to Ripple, which may be sufficient to keep prices afloat.It also seems that the request to anticipate the SEC decision on the application of ETF ProShares bitcoin is scheduled for August 23.
Note that the ruling this can no longer be delayed since it was archived in December. Their decision could be an indication of how their decision could be on other bitcoin ETF applications due in September.
