XRPUSD recently broke past the short-term falling channel, indicating that an uptrend could follow. However, Ripple is still hitting resistance at a longer-term descending trend line, which could continue to keep gains in check.
In that case, XRPUSD could head back down to the nearby support around 0.2000 or create new lows. On the other hand, an upside break past the trend line resistance could encourage more bulls to join in and push Ripple higher.
Price is also testing the resistance at the 100 SMA dynamic inflection point, which lines up with the descending trend line, adding to its strength as a ceiling. Stochastic is pointing down to indicate that bears are in control of price action. However, RSI is turning up to suggest that buyers might have enough energy to push for more gains.
Dollar demand got a boost from hawkish remarks from FOMC member Dudley, who reaffirmed the Fed’s plan to hike rates one more time before the end of the year. He noted that U.S. economic growth has been well-distributed across the country and that the economy is pretty close to full employment.
Dudley also expressed confidence that wage growth could pick up along with production activity, which could support overall inflation as well. Other Fed policymakers Fischer, Kaplan, and Evans also have speeches lined up and more hawkish remarks could keep the dollar supported against Ripple.
Meanwhile, XRPUSD could gain support from news that another cryptocurrency market maker will make use of Ripple technology. Rialto.AI is a cryptocurrency arbitrage platform that has yet to launch and will integrate XRP for cross-market trading.
Ripple remains focused on building a better bitcoin as it wants to handle transaction volume on a higher scale. With that, more issues popping up in the bitcoin network could actually prove to be bullish for XRPUSD as traders seek alternative cryptocurrencies to profit from.
The company approaches banks with its enterprise software—”a better Swift,” according to Vias—along with the Interledger Protocol. They propose a corresponding banking paradigm in which banks with no direct relationship rely on intermediaries in order to send payments to each other.
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube
