Ripple was previously consolidating inside a symmetrical triangle on the 1-hour time frame but has broken higher to signal that bulls are in control. A brief pullback to the broken triangle top appears to be taking place at the moment.
If the area of interest holds as support, XRP could resume the climb and go for the same height as the triangle, which spans 0.2900 to 0.3400. The 100 SMA looks ready to cross above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, the uptrend might be more likely to gain traction than to reverse. The moving averages line up with the triangle bottom as well, adding to its strength as a floor in the event of a larger dip.
RSI is indicating overbought conditions or that buyers are tired and willing to let sellers take over. Stochastic has a bit more room to climb but is approaching the overbought zone as well, so bullish exhaustion might be seen.
There has been news of another crypto exchange, eToro, looking into a partnership with Ripple. This could help XRP gain massive adoption, with eToro’s CEO Yonni Assia citing that they are “very interested” in having a partnership with Ripple. He mentioned:
I think as a fintech company it’s very important for us to foster relationships with other fintech companies. Obviously, we’re one of the largest trading platforms on XR – so very interested in forming a relationship with Ripple Labs and understanding what we can do together.”
Another newer company called BlockQuake is also reportedly looking into working with Ripple. Binance CEO CZ was also quoted saying:
“We’re focused on launching more features right now, so we are working with a number of other partners. With xRapid, there’s nothing going on right now, but in the future, we’ll definitely want to add them as a partner.”