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Ripple continues to trade within its long-term uptrend channel, but has formed higher lows and higher lows to consolidate into a symmetrical triangle. The price is around resistance and a higher break could confirm the bullish momentum.
The 100 SMA is above the 200 long-term SMA to signal that the path of least resistance is on the upside. In other words, resistance is more likely to break rather than resistance. Moving averages are also near the bottom of the triangle to add to its strength as support in another dive.
An upward break from the triangle could stimulate a manifestation of the same height as the formation, which ranges from .4500 to about 0.700. The ripple could meet a short-term resistance in the central channel's area of interest at 0.6000 and the top of the channel at 0.700.
Stochastic is already pointing to overbought conditions and is starting to veer down to suggest a return in selling pressure. This could lead to another drop in the bottom of the channel or triangular support before other buyers rush.
Ripple was one of the most resilient cryptocurrencies after the last wave of the market, even exceeding Ethereum in the rankings based on total market capitalization. The positive developments of Ripple keep XRP supported while operators continue to look forward to the xRapid platform that serves large financial institutions and leads to high volumes across the board.
However, there is a lot of uncertainty hanging over the markets this week while the "mining war" of Bitcoin Cash continues. Many are worried that similar problems could arise for other altcoins in the future, weighing heavily on their values because the community can not reach a consensus.
For now, "flippening" continues to be Ripple's main buzz on social media and some predict it might even outperform bitcoin at some point.
Images courtesy of TradingView
