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Tuesday the price of the ripple has appreciated by 23 percent compared to the US dollar due to strong fundamental factors
The XRP / USD rose from the Intra-day low near 0.26699-fiat to repeat its lowest low near September 5, 0.32.994 thousand-fiat. The pair yawned during the first session of Asian trading, consolidating sideways within a rigid range. The bullish momentum began to build only when European markets woke up. And, quite abnormally, the XRP / USD jumped violently during the central session, forming one higher after the other. And while the US session comes into play, the pair has already set a new intraday maximum near 0.32859.
Ripple's fundamentals are too strong to ignore. However, they delivered a too unstable rally. There might be a possible sell-off if those who have long positions towards short-term upward targets are starting to emerge from high intra-day profits. However, in the long run, Ripple has been psychologically established as a giant blockchain giant that could help the value of XRP tokens.
XRP / USD Technical Analysis – Reverse H & S Training
The abnormal rally has already done a breakout action on the long-term descending triangle, substantially shifting the bear distortion to bull within a few hours. The XRP / USD is now on the verge of completing an inverse head and shoulder model, with a 0.225349-fiat head and a 0.33708-fiat neckline. There is an absolute possibility that the neckline will move further north, if the action of the bull continues to break the key resistance levels. Our best bullish assumption is the repetition XRP / USD of 0.35720 fiat, the highest level of August 28, medium term.
The pair is already above its 50H, 100H and 200H SMA while the RSI has entered its overbought zone. The stochastic indicator, although bullish, has slowed near the overbought border. This could mean a potential inversion, which is further visible in the RSI indicator.
Ripple Labs, the company behind the XRP token, has acquired a new member for its flagship blockchain network in the National Commercial Bank. Saudi Arabia's first well-established bank will use RippleNet, Ripple's corporate blockchain network, to make instant international payments. The partnership paves the way for Ripple Labs to establish its market in Saudi Arabia, a country with one of the largest populations of migrant workers. And, with the National Commerical Bank, the blockchain company plans to access its 5 million users for a potential adoption of XRP.
XRP / USD Intraday Analysis
Initially we expect a run towards 0.33708-fiat before the XRP / USD decides whether it wants to attempt a breakout or a pullback action. That said, we're on 0.33708-fiat for a long time regarding our intrarange strategy. A breakout would put us a long position towards 0.35386-fiat, the 100% Fibonacci level of the last swing from 0.35386-high to 0.25349-low. In this position, a stop loss of about 4 pips below the entry point should minimize our losses in case of a dumped action.
A pullback will return us to intrarange, which would mean putting a short towards the intermediate support. It is close to 0.32326-fiat for today.
In the meantime, an extended break action will allow us to move on to a wait-and-see approach. It could potentially be a landfill, and we would like to avoid taking a falling knife.
Safe trade!
Close-up image of Shutterstock. TradingView Charts.
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