Ripple continues to trend lower as it moves inside a descending channel on its 4-hour time frame. Price bounced off support and is about to test the mid-channel area of interest around the .3200 mark.
If it holds, price could make another move to the channel bottom or perhaps attempt to break lower. There’s a shorter-term descending channel at this region, so there may be strong resistance at the middle of the channel that also lines up with the 100 SMA dynamic inflection point.
A break above this area could spur a test of the larger channel top at .4000 which is near the 200 SMA dynamic inflection point. The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside or that the selloff is more likely to resume than to reverse. The gap between the moving averages is also widening to reflect increased selling pressure.
Ripple continues to make positive industry developments and is awaiting the listing on Coinbase which might mean stronger volumes and thereby support for prices. However, it is also reeling from the prevailing FUD sentiment that is weighing on the cryptocurrency industry.
Carlos Carriedo, general manager of corporate payments at American Express, praised Ripple for the speed of transactions:
“We did a test, partnering with Santander locally, and with Ripple to just do cross-border transactions. Cross-border transactions continue to be complex and slow. And in a matter of seconds, through this test, our clients were able to transfer funds in a very transparent and seamless way, from one part of the world to the other one.”
Keep in mind though that previous hopes for XRP listing on Coinbase were dashed and followed by a sharp decline in 2017, so another disappointment this time could mean a leg lower for XRP.