Ripple (XRP) Price: Buyers Turning Chart Outlook Positive
Ripple (XRP): Price, Chart and Technical Analysis
- Ripple technology adopted by major US financial institution.
- XRP rally changes the technical outlook.
Ripple (XRP) Near-Term Outlook Looks Bullish
The recent surge in buying interest in the third-largest cryptocurrency has pushed Ripple to a new two-month high and back through old resistance levels. The heavy buying was sparked by news that a divison of PNC Financial Services will use Ripple technology, xCurrent, to process international payments. At this time XRP will not be used but Ripple hope that by banks adopting the xCurrent technology then XRP will be eventually used as a means of payment.
This week’s rally from $0.275 to $0.480 has broken the negtive chart outlook and taken out old areas of resistance. The pattern of lower lows and lower highs has also been fragmented and should underpin this latest move higher. On the four hour chart XRP now trades above all three moving averages – a bullish set-up – although care should be taken with the RSI indicator currently in overbought territory. The next level of resistance is between $0.52 and $0.55
One of our most popular articles on this subject explains Lower Highs/Higher Lows in more depth and how they change market sentiment – Buy the Higher Low and Sell the Lower High
Ripple Four Hour Price Chart (July 12 – September 21, 2018)
IG Retail Sentimentshows that traders remain heavily long XRP with a ratio of longs-to-shorts of 18.86 to 1 (95%). See how daily and weekly positional changes can influence trader sentiment.
Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars
If you are interested in trading Bitcoin, Bitcoin Cash, Ethereum, Litecoin or Ripple we can help you begin your journey. We have an Introduction to Bitcoin Trading Guide along with a Free Demo Account so you can practice trading this volatile asset class.
What’s your opinion on Ripple? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at firstname.lastname@example.org.
--- Written by Nick Cawley, Analyst.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.