Ripple bulls are once again defending support at .2500, possibly creating a double bottom reversal pattern seen on the 4-hour chart. Price has still quite a bit of room to cover before testing the neckline at .3500 and has to break past this to confirm that an uptrend is underway.
If so, Ripple could climb by roughly .1000 or the same height as the chart formation. The moving averages are still oscillating, which suggests potential consolidation or that the battle between bulls and bears is pretty tight.
RSI is on the move up to suggest that buyers have the upper hand, but the oscillator is nearing overbought levels to reflect exhaustion. Stochastic is also testing overbought territory and might turn lower soon to signal a return in selling pressure.
Cryptocurrencies are seeing a bit more green these days as it has been reported that Morgan Stanley is looking into offering bitcoin swaps to its clients. This put the focus back on institutional interest, especially since it was previously rumored that Citigroup is also looking into offer a crypto-based product.
Furthermore, the WEF suggested that digital ledger technologies could add $1 trillion to global trade in the next ten years. In its estimates, it mentioned that “30% or $1.1 trillion of new trade volume will result due to DLT removing barriers” and that “40% or $0.9 trillion of traditional will move to DLT for better service levels and lower fees.” It also suggested that governments should welcome these types of applications and that those behind will be increasingly disadvantaged.
Still, Ripple has been under pressure ever since the Satis Group predicted that its value could shrink to $.004 in the next 10 years. In any case, further positive developments in the space could allow it to stay afloat.
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