It can't be denied that the fundamentals form Ripple (the company) are highly positive at the moment (OnePay FX, Moenytap, etc) but with the XRapid / Swell FOMO well and truly over, we now wait and see if actual utility use of Xrapid can provide the impetus needed to drive the price of XRP higher.
I believe this indecision is reflected in the charts:
The hourly for example is showing a large bull pennant in green, with price beginning to tighten towards the apex. Within this triangle the price is currently bound within a descending channel which is nearing it's completion.
However we do have support in terms of the 200ma on the daily at approximately 0.529, and also the 0.5 fib level just outside the triangle, which has acted as strong support over the last month.
The real test for further growth however will be 0.62 level - if we can break through this level then I believe we will test higher levels.
The bear case for XRP centres around the massive bear wick recorded on the 21st September, and the formation of a double top on the daily, suggesting their simply isn't enough liquidity in the market to sustain more growth. Xrapid utility use will certainly prop up price in the future, but I don't see this as being the magic lambo button that everyone thinks it should be - growth will be more gradual and organic.
Furthermore, on the daily chart below the squeeze momentum indicator is showing a cool down in bullish price momentum as can be seen from the change from light to dark green, and in the directional return back to 0. Any previous reduction in positive price action to negative on this indicator has always preceded a downward trend - if it stays true to form, then it would suggest that we break down from the current pennant. With the next major resistance being the 0.618 fib level at 0.456.
Either way, we should have a definitive answer within the coming days, but I believe we may see one final dip into the mid 40's before any continuation higher.
I believe this indecision is reflected in the charts:
The hourly for example is showing a large bull pennant in green, with price beginning to tighten towards the apex. Within this triangle the price is currently bound within a descending channel which is nearing it's completion.
However we do have support in terms of the 200ma on the daily at approximately 0.529, and also the 0.5 fib level just outside the triangle, which has acted as strong support over the last month.
The real test for further growth however will be 0.62 level - if we can break through this level then I believe we will test higher levels.
The bear case for XRP centres around the massive bear wick recorded on the 21st September, and the formation of a double top on the daily, suggesting their simply isn't enough liquidity in the market to sustain more growth. Xrapid utility use will certainly prop up price in the future, but I don't see this as being the magic lambo button that everyone thinks it should be - growth will be more gradual and organic.
Furthermore, on the daily chart below the squeeze momentum indicator is showing a cool down in bullish price momentum as can be seen from the change from light to dark green, and in the directional return back to 0. Any previous reduction in positive price action to negative on this indicator has always preceded a downward trend - if it stays true to form, then it would suggest that we break down from the current pennant. With the next major resistance being the 0.618 fib level at 0.456.
Either way, we should have a definitive answer within the coming days, but I believe we may see one final dip into the mid 40's before any continuation higher.