Ripple (XRP) Price Technical Analysis: Upward Trajectory Set To Resume

Today, Wednesday, January 24, 2018, Ripple announced the addition of two more payment-companies to its list of companies that are using its xRapid product to settle certain transactions.

IDT Corporation and Mercury FX have joined the growing ranks of reputable companies that have partnered with Ripple. This comes on the heels of a similar announcement earlier this month that MoneyGram, one of the largest money-transfer companies in the world, would begin testing the xRapid product.

On the technical analysis side, Ripple continues to show signs of resuming an upward trajectory. Today, Ripple opened at 1.34366.

There wasn’t much in the way daily of range or volume, and the day’s high did not exceed yesterday’s high, even though the low was higher than yesterday’s low. There were, however, three noteworthy technical details that are on display on the daily chart below (Chart #1).

First, Ripple closed up for the second day in a row, albeit not by much at $1.3600, but up nonetheless. Secondly, the high of the day (January 24^th) exceeded the 9-day moving average, also for the second day in a row.

Chart #1: Ripple Daily

The third detail and perhaps the most telling is the fact that the 9-day moving average has shifted in an upward direction. If we look at the two prior time that this has happened (as labeled in Chart #1), the change in direction of the 9-day moving average served as a leading indicator to significant price moves. If the pattern holds, an upward price move is likely to follow.

Chart #2: Ripple 15-Minute

Intraday charts are also showing technical indication of upward price trajectory. Chart #2 above displays a 15-minute chart which shows an ascending triangle pattern that is nearing completion.

These types of price patterns have a high probability of resulting in upward price movements. If price approaches the upper resistance level of the triangle at $1.4094, a buying opportunity will present itself.

Another factor to consider is the overall sentiment of the entire cryptocurrency market. Many of the popular cryptocurrencies, i.e. Bitcoin, Ethereum, and Litecoin, are exhibiting very similar price action.

This is highly indicative of the notion that current factors that are driving market prices are based on the market sentiment that encompasses the entire market, as opposed to one specific cryptocurrency.

This also indicates that the market is being driven heavily by the news.

It’s important to monitor all the top, high-volume cryptocurrencies. If any single cryptocurrency makes a drastic move, it could be a precursor for the others to follow.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.

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