2018-10-19 08:08 |
Ripple has formed higher lows and higher highs over the past week, creating a rising channel visible on its 4-hour time frame. Price is currently testing support and might be due for a bounce back to resistance around 0.5300-0.5400.
The 100 SMA appears to be crossing below the longer-term 200 SMA, though, so the path of least resistance might be to the downside. In other words, there’s a chance that the channel support could break and lead to a downtrend for Ripple.
Stochastic is also on the move down to reflect the presence of selling pressure, but the oscillator is nearing oversold levels to signal exhaustion. Turning back up could bring buying momentum in and lead to a bounce off the 0.4700 support. RSI is moving sideways but has previously been treading lower, indicating that selling pressure is still present.
A bounce off the bottom of the channel and a move to the channel top could lead to the formation of a complex inverse head and shoulders pattern, which might be indicative of longer-term gains. Ripple would need to break past the neckline at 0.5000 to confirm a possible reversal from the downtrend, though. If that materializes, price could climb by the same height as the chart formation, which spans 0.3800 to 0.5000.
Ripple recently made a strong break above a long-term downtrend line as the anticipation rose for the launch of xRapid. This would allow counterparties to conduct cross-border transactions using XRP as the bridge between fiat currencies, enabling payments to be settled quickly and at lower costs.
A number of firms are already working with Ripple on their xCurrent messaging platform and many expect these to transition to xRapid soon, leading to strong volumes in XRP and increased activity that could keep its price supported.
The post Ripple (XRP) Price Analysis: Bullish Channel and Reversal Pattern Forming appeared first on Ethereum World News.
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