Luettis

Ripple outbreak to the top

BITFINEX:XRPUSD   XRP / U.S. Dollar
Due to the news that xRapid will start sooner than expected, the price of Ripple has seen a short and fast rally. xRapid is an answer to the old standard SWIFT and shall make transactions faster. 10 banks are already testing this service of Ripple Labs.
In comparison to xCurrent the new service uses Ripple Tokens for the transactions.
This has been the reason for the fast rush.
We don´t know if this standard really will be implemented in the banking system or if they take another one - without using Ripple tokens. Nevertheless it´s good news.

Technically the price has left the long term negative trend channel (one shorter trend channel - and another long term: both in red). The price has climbed up to the swing trend line at 0.62$, what has been a resistance, rebounded and actually stays above another swing trend line at 0.46$.

Ripple has lost its dynamic and it is to be expected, that, without new fundamental news, the price will fall back on a lower level (perhaps the support at 0.46$ ?)

As long as Ripple stays outside the negative trend channel the trend is positive. But once Ripple plumpes down into the old channel the trend will at new turn from positive to negative. To be clear: Ripple shall not fall under 0.46$!

RSI is overbought but correcting. MACD is still positive (think of the lag!). EMA 50 far beyond the actual price.

A corrective move to 0.46$ is very possible.

No trading advice!



Sep 25
Comment:
Sep 25
Comment: This is what happened after the first reaction to the news cooled down. Ripple has crossed the support at 0.46$ and entered one more time the negative trend channel.
In my point of view it´s more probable that Ripple will stay in this channel the next time.
Thanks for your idea. I think indeed we we will see a 0.47$ soon but maybe even lower (the 0.30$ resistance?) Good luck!
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