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Ripple has found support in the previously marked area of interest and seems ready to target the upward targets marked by the Fib Extension Tool. The 38.2% level is close and in line with the central channel's area of interest.
Increased bullish momentum could bring Ripple to 50% extension to the swing height or 78.6% closer to the top of the channel at 0.6000. The full extension is a .6160.
The 100 SMA is above the longer-term SMA 200 to confirm that the path of least resistance is on the upside. In other words, the upward trend is more likely to resume rather than reverse. Moving averages can also be found at the bottom of the channel increasing on the 4-hour chart to add support levels in another dive.
Stochastic is going higher, but approaches the overbought area to signal the exhaustion among buyers. Turning lower could lead to a return to sales pressure and another drop in nearby support areas around 0.5000. The RSI also points down to signal the presence of bearish momentum without even hitting overbought conditions, suggesting that sellers are eager to return.
Ripple continues to make progress in its projects, with the latest update of Japanese banks signing a MOU for the joint development of a cross-border payment platform. This applies to banks that provide services to Brazil and Latin America and, once implemented, will allow rapid, transparent and traceable international payments between Japan and Brazil.
In other news, the combined cause of collective action involving Ripple is moving to the federal court. According to the company:
"The plaintiffs do not claim that they do not have information about the nature of these transactions, but plaintiffs claim they were hurt in some way because the Defendants were required to register XRP as" security "with the Securities & Exchange Commission (" SEC " ), but they did not do it ".
