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Ripple made lows higher and found support at the 0.4400 level to create a descending triangle in its 4 hour time frame. The price is testing the bottom of the triangle and may be due to a rebound towards the top.
However, the 100 SMA is below the 200 long-term SMA to signal that the path of least resistance is downward. This could mean that support is more likely to stop than hold. In this case, Ripple could fall at the same height as the triangle formation, which reaches up to 0.5600. Moving averages are currently also considered as dynamic resistance.
RSI seems to go back to point out that the sales pressure is increasing without even seeing the conditions of overbought. The stochastic is also moving upward, but it may change its mind halfway to suggest that sellers are trying to regain control.
Ripple seems to have distanced himself from the bitcoins quite recently to not follow his footsteps. While the latter had a strong rally and an equally large pullback recently, Ripple has moved mainly sideways.
For now, operators are still looking for catalysts that could push this in a particular direction. It is worth noting, however, that Ripple is committed to making alliances with large financial companies and may be the first of a surge in investor interests along the line.
Meanwhile, the dollar is strengthening thanks to a hawkish FOMC declaration and safe haven flows. Emerging trade tensions between the United States and China were sufficient to bring traders back to lower-yielding bonds such as bonds and the dollar, slowing the demand for riskier holdings such as cryptocurrencies.
In addition, Ripple and his peers have taken a few hits on the interruption of HitBTC and negative comments from Paul Krugman. The fact that South Korea is also trying to put an end to tax breaks for cryptocurrencies in response to the sharp increase in volumes recently has not helped.
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