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Ripple Price Daily Analysis – Ripple (XRP) Support As Predicted was On Point: August 9

Supporting held as Exptected

2,435

Ripple bounced off the short-term area of interest marked in a previous article, zooming up to the top of the channel and gearing up for another potential correction. Applying the Fib extension tool on the earlier pullback shows that Ripple found resistance at the 76.4% level or the 0.2000 major psychological resistance.

A stronger rally could last until the full extension around 0.2075 but it looks like Ripple could use another retracement from here. Another test of the channel support, this time around 0.1800 could take place before the climb resumes. This channel support lines up with the 100 SMA dynamic inflection point.

Speaking of moving averages, the 100 SMA is still above the longer-term 200 SMA so the path of least resistance is to the upside. A dip below the channel support could still find a floor at the 200 SMA dynamic inflection point near the latest swing low.

Stochastic is turning lower to indicate a return in selling pressure for now while bulls are booking profits. RSI is also moving lower so Ripple might follow suit.

ripple analysis

Sentiment for cryptocurrencies has considerably improved after bitcoin completed a hard fork and avoided major issues. After all, the upgrade also allows the network to handle much more transactions than usual.

Apart from that, the return in geopolitical risk from the tensions between the US and North Korea are also keeping digital assets like Ripple and bitcoin in demand. During these risk-off scenarios, traders tend to veer away from traditional higher-yielding assets like stocks and commodities, searching for higher returns on alternative assets instead.

The company behind Ripple is focused on building a better bitcoin as it wants to handle transaction volume on a higher scale. The company approaches banks with its enterprise software, along with the Interledger Protocol. They propose a corresponding banking paradigm in which banks with no direct relationship rely on intermediaries in order to send payments to each other.

For now, the dollar has enjoyed a bit of a boost from the strong JOLTS job openings data in the absence of other top-tier releases. The next major one could be the CPI due on Friday.


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Source lbitcoinews
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