Ripple has formed lower highs and higher lows to consolidate inside a symmetrical triangle pattern seen on its 1-hour chart. Support appears to be holding so a bounce to the top around .3200 is due.
The 100 SMA is above the longer-term 200 SMA to indicate that support is more likely to hold than to break. XRP is also above both moving averages to confirm the presence of buying pressure that might be enough to lift it up to the triangle resistance.
However, RSI looks ready to turn lower from the overbought zone to indicate a return in selling pressure. The oscillator has plenty of room to fall before reaching the oversold region, which suggests that sellers could stay in the game for much longer. This could spur, not just a test of the triangle bottom, but perhaps a break lower that could take XRP down by the same height as the chart pattern.
Stochastic is also pointing down to reflect a pickup in selling pressure. In that case, a dip to the triangle support around .3050 could be seen.
While most of its peers have been enjoying big gains, XRP appears to be lagging behind. The fact that ethereum has once again overtaken XRP to take the top two spot in terms of crypto market cap may be discouraging traders from piling on long positions.
Ripple, along with Barclays and MasterCard, invested in remittance company SendFriend which lets users send money to the Philippines using blockchain. This company already uses Ripple’s xRapid platform for cross-border payments, converting between USD, XRP and Philippine pesos.
According to the press release, SendFriend will feature “fees that are 65% lower than the industry average.”
Furthermore, David Lighton, SendFriend co-founder and CEO, shared:
“This investment will allow us to build out our team, focus on community engagement, and marketing efforts.”