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Ripple was one of the most performing altcoin but it seems that downward pressure is also starting to creep up. The price has consolidated within a symmetrical triangle scheme and is now testing the support in the area .4350.
A rebound could still bring XRP to the top of the triangle to 0.5000 and moving averages suggest that this is possible. After all, the 100 SMA is above the 200 long-term SMA to indicate that the path of least resistance is on the upside. In other words, support is more likely to hold rather than break.
The stochastic is lowering to reflect the presence of bearish pressure and has room to move south before indicating oversold conditions. This means that sellers may still have some energy to push for a bearish break before letting buyers take over.
RSI is also dropping, so the XRP could follow the example until oversold conditions are met. Even then, the oscillator should rise from the oversold region to signal a bullish return and a possible rebound. A break below the support could lead to a fall of the same dimensions as the triangle, which extends from .3500 to about .6000.
Unlike most of its cryptocurrencies that rolled under long-term support zones, Ripple fought to keep his head out of the water. However, the price has fallen below a short-term uptrend channel to signal that bears are trying to get the upper hand. However, it is worth noting that XRP has outgrown the cryptographic rankings based on the total market capitalization and may even be ready to steal the bitcoin top spot.
If this happens, Ripple may be ready to take off while investors transfer their holdings to XRP. Note that the company continues to build left and right partnerships with its xRapid platform to watch.
