Ripple Technical Analysis: Bearish Trend Ends Above Parity?

• Last week, a US federal judge ruled that Ripple is a security when sold to institutional investors, causing its price to jump by more than 30%.
• For technical traders, the question is whether the higher spike is enough to break the bearish trend.
• Bulls will have to push some more for Ripple’s bearish trend to end – only a close above parity with the US dollar would invalidate it.

Ripple Technical Analysis Update Following Landmark Federal Ruling

Ruling is Major Victory for Ripple

Last week, a US federal judge ruled that Ripple is a security when sold to institutional investors. This ruling marks a major victory for Ripple and caused its price to jump by more than 30%.

Technical Traders Question if Spike is Enough to Break Bearish Trend

For technical traders, the question is whether the higher spike is enough to break the bearish trend. Bulls will have to push some more for Ripple’s bearish trend to end – only a close above parity with the US dollar would invalidate it. The good news for bulls however, is that breakout came at the end of a bullish triangle which usually appear at the end of bearish trends.

Ripple Remains Sensitive To US Dollar News

Until then, Ripple remains sensitive to US dollar news and any dollar strength should result in it giving up more of its recent gains. Therefore, look out for any news or updates on USD as this could drive its price action significantly.

Conclusion
In conclusion, last week’s landmark decision from a federal judge ruling that it is a security when sold to institutional investors was an ultimate victory for ripple and caused its prices surge up by over 30%. Although this may be encouraging sign for bulls they still need further strength in order push past parity with US dollar in order break out from current bearish trend. Thus until then keep tracking any updates on USD as this could drive ripple’s price action significantly.