📉Ripple (XRP) has completed a two-day breakout signaling a continuation of the uptrend. A ripple has emerged from its downtrend line and double bottom formation, confirming that the bulls are taking control of price action. A long green candlestick can also be seen on the daily chart, indicating that bullish momentum is building up.
💥But at the same time, the 100 SMA continues to be well below the long-term 200 SMA. This indicates that there is every chance of resuming the sale.
🔥RSI is pointing up, but it is also striking overbought levels. In turn, this means that buyers feel drained and may allow sellers to take over again. Stochastic has the ability to rally before hitting the oversold area, and also reflect exhaustion among buyers.
📌Ripple has received a lot of attention as the company noted that they are getting closer to launching xRapid, which will facilitate cross-border payments with XRP itself. A number of large financial institutions are already working with the company through their xCurrent platform, which is basically an instant messaging service between counterparties updating each other during the stages of a transaction.
🌎The possibility of these clients migrating to xRapid will represent huge success and demand for Ripple, so it is understandable that traders are trying to grab a tidbit early on.
The Ripple CEO also noted that the regulatory environment has improved recently and has become more crypto-friendly, which has led the industry to hope to outpace the SEC's decision on Bitcoin ETFs.