Highlights of Ripple Price Key
- The price of ripple completed the test of a previous resistance level, which it claimed as support.
- The price may have been due to rise to the Fibonacci extension levels, but it has yet to break out of this short-term triangle.
- Technical indicators show mixed signals on the direction of price action from here.
The price of ripple seems to gain a bullish traction, but it has yet to come out of a symmetrical short-term triangle.
Technical Indicator Signals
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, the upward trend is more likely to resume rather than reverse. Even the 100 SMA has a dynamic support.
The RSI is falling, however, suggesting that the selling pressure is returning. The stochastic is also moving downward to indicate that bears have the upper hand, which indicates that there is also a good chance of falling down. The model is about 0.0400 in height, so the resulting break in both directions could be of the same height.
If the upward pressure is sustained, the price of Ripple could also aim for the swing height close to 50% of Fibonacci extension of 0.3800. A greater boost could bring it up to 61.8% extension to 0.3920 or extension of 78.6% to 0.4129. The full extension is located at 0.4395.
Ripple had a series of positive developments last week, including the three new trading partners of its xRapid cross-border payments product. This could lead to more liquidity and increased activity for this particular digital asset, which could therefore keep its value afloat.
According to Cpple Johnson, Ripple Chief Market Strategist:
"We have already seen several successful xRapid pilots, and as we move the product from the beta to production by the end of the year, these exchange partners they will provide the financial institutions with the comfort and certainty that their payments will move seamlessly between different currencies. "