Ripple in the peak

Since Ripple has announced its xRapid the price jumped up – and then consolidated within a falling parallel channel .
The news for Ripple are still good; Kuwait intends to implement xRapid for international financial transactions.

Although the news are positive this didn´t have an impact on the volume . Ripple is more or less following the movement of BTC (as shown in graph).

Technically spoken, Ripple has touched the upper limit of the channel and has been on its way to the lower side but stopped this movement within the middle of the channel. In the following a wedge has been formed with Ripple approaching the peak. Whether it´ll break out to the top – and then testing the upper limit – or it´ll break out to the bottom and then reaching the marked zone ( rectangle ).

As Bitcoin isn´t bullish at the moment (on daily chart ), RSI below the falling trend line and MACD isn´t sending any signal, the risk for the negative scenario has to be taken in consideration.

On the other hand, with RSI breaking the trendline to the top, new momentum and with a bullish BTC it can still be possible, that Ripple turns up again.

So let´s have a look on the indicators and the wedge!

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