Ripple (XRPUSD) Technical Analysis: Bulls Waiting at Triangle Bottom

Ripple is still stuck in its symmetrical triangle visible on the 1-hour time frame after getting rejected on its test of the resistance. Price could be due for another test of support at the .3650 mark.

For now, it seems that price is also finding support at the moving averages’ dynamic inflection points. The 100 SMA appears to be below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, support might be more likely to break than to hold. Then again, the moving averages might simply be oscillating to signal further sideways action.

RSI is heading south to confirm that sellers are in control and could push for more declines. Price has a bit of room to move before hitting oversold levels, so sellers could still have some energy left. Stochastic appears to have climbed out of the oversold region, though, so buyers might be starting to return.

Ripple continues to make progress in terms of striking partnerships so far this year, the latest of which is the largest Islamic banks in the world, Kuwait Finance House, which partnered with the company for its instant cross-border remittance service.

In its tweet, KFH announced:

KFH has started operating an instant cross-border remittance service using Ripple’s blockchain technology. The zero fees “Instant International Transfer” service is available now in Saudi Riyal SAR where customers can make remittance transactions to beneficiaries at Al Rajhi Bank.

However, it’s unknown if the bank is already using the xRapid service or just the xCurrent messaging platform for the time being. So far, though, Ripple has already added over 100 financial institutions from over 40 countries and across 6 continents to its various services.

According to Weiss cryptocurrency ratings:

“XRP is specifically making plans to overthrow Swift, the most dominant provider of cross border payments services. If it manages to take some of Swift’s market share, XRP will eventually become the number one cryptocurrency in the world.”

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