The earlier ripple was less than a long-term downtrend channel visible in the daily time frame, but it appears that an inversion is underway. The price has just closed above the resistance and is following another green candle to reflect further bullish momentum.
However, the 100 SMA is still below the 200 long-term SMA to signal that the path of least resistance is downward. This means that the selloff is likely to resume rather than the other way around. The price could still hit a roadblock at these dynamic bending points after all
RSI still has room to go up, which means the buying pressure may remain a bit longer and keep pushing Ripple above. Stochastic has even more room to go higher before reaching the overbought levels, which means that buying pressure may continue.
A climb to the 0.4000 mark could also complete a double bottom formation, which could give buyers more reason to jump in. After all, a pause beyond this neckline could stimulate further gains of the same height as the inversion model.
The looming launch of xRapid is bringing operators back to Ripple. According to Sagar Sarbhai, Ripple's regulatory relations in Asia-Pacific and the Middle East:
"A couple of years ago the narrative was: good, cryptic, bad blockchain What we are seeing now is more and more regulators, politicians who they take up all the space in a conjunction So, I think the narrative is fortunately now changing because politicians, regulators are seeing that there is a strong advantage that digital resources, cryptocurrencies bring in. "
However, some were quick to point out that this announcement was made on the other day and that the most recent real price jump did not coincide with the main catalysts. Some accuse the lack of momentum in other markets and the lower liquidity as the reason why the price has risen so much