Ripple has formed higher lows and higher highs to create an ascending channel on its 4-hour chart. Price already seems to be bouncing before hitting support, though as it found bulls at an area of interest around .4950.
If this is enough to keep losses in check, XRP could make its way back up to the top of the channel or the upside targets marked by the Fibonacci extension tool. The 38.2% level is just past the mid-channel area of interest while the 50% level lines up with the swing high. The 78.6% level is closer to the channel resistance and .6000 major psychological mark while the full extension is at .6168.
The 100 SMA crossed above the longer-term 200 SMA to confirm that the path of least resistance is to the upside or that the rally is more likely to resume than to reverse. In addition, the moving averages line up with the bottom of the channel around .4700 to add to its strength as a floor in a deeper pullback.
Stochastic is already turning higher from the oversold region to signal a return in bullish momentum. A bullish divergence can also be seen as the oscillator made lower lows while price had higher lows. RSI also seems to be turning up halfway through on its move south, indicating that bulls are eager to return.
Ripple briefly surpassed the top tokens in terms of market cap earlier this week thanks to its strong price surge. Anticipation for the xRapid platform may be accountable for these gains, although most of the industry has been on stronger footing lately.
Some of the dips are being pinned on a bit of risk aversion and dollar strength as the latest FOMC statement kept hopes up for a Fed hike in December. Higher borrowing costs typically dampen investment appetite, which then spurs profit-taking for riskier assets.
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