Ripple is still in the middle of a correction and appears to be headed for the area of interest around the .2000 major psychological support. This is close to the 61.8% Fibonacci retracement level but price appears to be stalling around the 50% level for now.
The 100 SMA is above the longer-term 200 SMA so the path of least resistance is to the upside. This means that the rally is more likely to resume than to reverse. These moving averages are also within the area of interest, adding to its strength as a potential floor in the event of a larger pullback. If any of the Fib levels keep losses in check, Ripple could head back to the swing high at 0.3000 or higher.
However, stochastic is turning lower to reflect a pickup in selling pressure. RSI is also heading down so Ripple might follow suit. This signals that the pullback could carry on for some time until both oscillators hit oversold levels to signal exhaustion among sellers and allow buyers to return.
A lot could hinge on Fed Chairperson Yellen’s Jackson Hole Symposium speech since this could have a strong impact on dollar action. September rate hike expectations are already pretty weak, given how recent inflation reports have turned out, so traders are keen to find out whether tightening is still possible in December or not. Also, dollar traders want to get more details on the balance sheet runoff.
As for cryptocurrencies, Ripple has recently been able to take advantage of the dip in bitcoin price as rival bitcoin cash is gaining more traction among miners and investors. After the hard fork, only a few exchanges had been accepting the newer version of the cryptocurrency so incompatibility issues were kept in check. But now that it has been gaining popularity, many worry that the original version could be overtaken since it generates blocks at a much slower pace.
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube
