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Ripple is consolidating inside a symmetrical triangle pattern with its higher lows and lower lows. This digital asset has been particularly resilient, despite the sharp decline recorded in the encrypted market in the last hours.
In fact, Ripple has outgrown the etereum in terms of total market capitalization, so investors are paying close attention to this "outburst" which has also taken social media assaults. The 100 SMA is above the 200 long-term SMA to signal that the path of least resistance is on the upside or that more gains are likely in jobs. This indicates that resistance is more likely to break rather than hold, or that support is more likely to hold rather than break.
In that case, Ripple might have a chance to jump across the top of the triangle around the .5000 mark and climb the same height as the graph's formation. This extends from .4000 to about .6200, so the climb could be around .1200.
However, stochastic is still heading down to signal that sellers have control at the moment. This could again stimulate the triangular triangle test near the 4500 mark, probably encouraging other bulls to join and defend the floor. The oscillator has enough ground to cover before indicating oversold conditions, so bearish pressure could last.
The crypto selloff is attributed to the uncertainty due to the Bitcoin Cash forks and the actions taken by the SEC on non-authorized ICO operators. This has scared investors to move their funds elsewhere as the bags could be vulnerable and there may be further losses.
Meanwhile, Ripple continues to make progress in its partnerships, reaching the fifth Southeast Asian bank as part of its cross-border payment system. Ripple will work with Malaysia's CIMB group to enable instant cross-border payments for CIMB markets.
