Ripple previously made a break past the descending triangle resistance but carried on with its climb to the .3570 area. This seems to be holding as stronger resistance and price is starting to retreat to show that a retracement is in order.

Updating the Fib tool on the latest swing low and high shows that the 61.8% level lines up with an area of interest around the moving averages. This is also just above the broken triangle resistance, which might now hold as support.

On the subject of moving averages, the 100 SMA is completing its crossover from the 200 SMA to indicate that the path of least resistance is to the upside. This suggests that the uptrend is more likely to resume than to reverse.

However, RSI is on the move down and has some room to keep heading south before hitting oversold levels. This suggests that bearish pressure could stay in play for much longer and keep pushing Ripple down to the nearby support zones.

Similarly stochastic is heading south so Ripple could follow suit while sellers have the upper hand. This indicator is closing in on oversold levels, though, so exhaustion among bears could be seen soon. Turning back up could bring buyers in again and lead to a move back to the swing high and beyond.

Ripple is taking some hits on news of its exclusion from the new Morgan Creek Asset Fund. This fund is backed by the Morgan Creek institutional investment house that currently manages $1.5 billion in assets and includes bitcoin, ethereum, bitcoin cash, EOS, litecoin, zcash, monero, dash, ethereum classic and omisego.

According to Morgan Creek Digital partner Anthony Pompliano:

If there’s a central party that owns 30% or more of supply, then we withhold those from the index. Because we think that introduces a lot of additional risk that may not be there if it was a more decentralized network.

The post Ripple (XRP) Price Analysis: Larger Pullback in the Works appeared first on Ethereum World News.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

201 +