Ripple found support at the area of interest previously marked and looks ready to aim for the upside targets marked by the Fib extension tool. The 38.2% level is just close by and in line with the mid-channel area of interest.
Stronger bullish momentum could take Ripple to the 50% extension at the swing high or the 78.6% level closer to the top of the channel at .6000. The full extension is at .6160.
The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, the uptrend is more likely to resume than to reverse. The moving averages are also near the bottom of the rising channel on the 4-hour chart to add layers of support in another dip.
Stochastic is heading higher but closing in on the overbought area to signal exhaustion among buyers. Turning lower could bring a return in selling pressure and another dip to the nearby support areas around .5000. RSI is also pointing down to signal the presence of bearish momentum without even hitting overbought conditions, suggesting that sellers are eager to return.
Ripple continues to make progress in its projects, with the latest update being Japanese banks signing a MOU to co-develop a cross-border payments platform. This involves banks that provide services to Brazil and Latin America and upon implementation will enable fast, transparent, and traceable international payments between Japan and Brazil.
In other news, the combined class-action lawsuit involving Ripple is moving to the federal court. According to the company:
“Plaintiffs do not allege that they lacked information about the nature of these transactions. Nevertheless, Plaintiffs claim that they were somehow injured because the Defendants were allegedly required to register XRP as a ‘security’ with the Securities & Exchange Commission (‘SEC’) but failed to do so.”
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