#Ripple (#XRP) Price Analysis: Bullish Channel and Reversal Pattern Forming
Ripple could be ready to resume its climb as it tests support of a new rising channel on its 4-hour chart.
Ripple has formed higher lows and higher highs over the past week, creating a rising channel visible on its 4-hour time frame. Price is currently testing support and might be due for a bounce back to resistance around 0.5300-0.5400.
The 100 SMA appears to be crossing below the longer-term 200 SMA, though, so the path of least resistance might be to the downside. In other words, there’s a chance that the channel support could break and lead to a downtrend for Ripple.
Stochastic is also on the move down to reflect the presence of selling pressure, but the oscillator is nearing oversold levels to signal exhaustion. Turning back up could bring buying momentum in and lead to a bounce off the 0.4700 support. RSI is moving sideways but has previously been treading lower, indicating that selling pressure is still present.
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