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XRP seems to have completed its pullback from the bullish breakout already, which means that price could be setting its sights back on the next upside targets. Using the Fib extension tool on the retest shows where these resistance levels are located.

The 100 SMA is still above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, the climb is more likely to gain traction than to reverse. However, a small head and shoulders pattern seems to be forming, so there’s a chance the retracement might not be over yet.

Still, the 100 SMA is holding as dynamic support and could be enough to push price to the next resistance at the 38.2% level or 0.3435. Bulls could even take it up to the 50% extension at the 0.3500 major psychological mark or the 61.8% extension at the swing high. Stronger buying pressure could lift it to the 78.6% extension at 0.3654 or the full extension closer to 0.3800.

RSI is still pointing down, though, so there may be some selling pressure left. This oscillator is just about to cross the centerline so it has plenty of ground to cover before hitting the oversold region to signal exhaustion among bears. Stochastic is also pointing down and could move south, which means that XRP might follow suit.

Most cryptocurrencies are in positive territory as sentiment has improved considerably while traders look forward to stronger institutional flows in the coming months.

Ripple, however, appears to be lagging behind as it might face tough competition from JPMorgan’s own digital asset for payment settlements known as JPM Coin. Keep in mind that xRapid serves mostly the same purpose, so there’s the risk that financial institutions might choose to work with a more well-known entity instead, possibly dampening demand for XRP.

(Excerpt) Read more Here | 2019-02-21 02:56:43

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