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Ripple was recently caught through its double bottom neckline to confirm that an uptrend is underway. The price is stalled at 0.55 greater psychological mark, however, and some profit actions could lead to a withdrawal opportunity that other bulls are waiting for.
Applying the Fibonacci retracement tool on the last low and high swing shows that the 50% level aligns with the neckline of the inversion formation. This .3800 handle could hold up while the support moved forward, but a larger retracement could still find a floor with 61.8% Fib.
The 100 SMA is below the 200 longer-term SMA, however, the path of least resistance is still on the downside. In other words, there is still a good chance that the downtrend will resume from here. Then, once again, the gap between moving averages has shrunk to reflect slower downward pressure.
RSI is on the move to show that buyers have control, but the oscillator is also located in the overbought territory to reflect the exhaustion. Going back could bring sellers and lead to lower prices. Similarly stochastic is in the overbought area to signal that buyers are taking a break, and the oscillator is already starting to head south so that the bitcoins can follow suit.
Ripple had a strong push at the start of the week when a company executive pointed out the imminent launch of xRapid and in that way the regulation was a bit friendlier these days. To add to the positive vibes, it has just been reported that one of the leading US financial institutions, PNC, has joined a list of banks already using Ripple's xCurrent platform.
Many are confident that all these important institutions can subsequently be transferred to xRapid, which uses the actual XRP for cross-border transaction bridge. With this, Ripple's demand could continue to rise thanks to commercial adoption and higher volumes.
Images courtesy of TradingView
