FxWirePro: Lingering optimism for ripple (XRP), both fundamentally and technically

As Ripple’s ecosystem has been emerging and so is the demand, XRPUSD price seems to be attempting to transform bullish cyphers quite often, the price eased to an intraday high of $0.53429 levels at Bitfinex, following a continuous stretch of linear moves since 9thNovember.

As per the Ripple’s most recent announcement, a real-world demo of Money Tap also struck a chord in crypto-space. The real-time payment application is powered by Ripple technology for flight payment advertisement, that could be promising future for XRP adoption. This crypto-asset will undoubtedly play a pivotal role in that transition.

In addition to that, there has been some panel discussion between Brad Garlinghouse and IMF Deputy General Counsel Ross Leckow on the requirement of regulatory clarity for crypto-assets. Additionally, both parties foresee lucrative prospects in the ASEAN region. 

Followed by these news, XRPUSD price gaining streak continued this week (surged by 3.84%). 

Technically, the upswings spike well beyond DMAs on bullish engulfing pattern at 0.52844 levels. 

For now, bulls seem to be shrugging off bearish candle ‘hanging man’ at peaks, and rallies most likely to extend further upon intensified buying momentum signalled by both RSI & stochastic curves and bullish SMA & MACD crossovers.

While the intermediate trend has been consolidating on hammer formation at 0.34093 and 0.28100 levels. 

Consequently, the current price jumps above 21EMAs with bullish momentum, and MACD substantiates these buying sentiments.

Currency Strength Index: FxWirePro's hourly BTC spot index is showing -41 (which is bearish), while USD is flashing at 78 (which is bullish), while articulating at (11:22 GMT). For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex