XRPUSD / Ripple had a reasonable pullback and is signaling it is prepared to return to following the upward trend. A brief low-volume accumulation phase followed some battling between profit-takers and speculative bulls after a successful re-test of the $2.50 price point. We could see further consolidation with higher lows and lower highs for the next few days, but the longer time frames suggest this will get chased higher rather quickly. I expect we will not see a daily close below $2.50 anytime soon and will likely push through $3 with relative ease. Today may be the last opportunity to buy this dip.
Kraken is down after the nasty drop overnight last night. Take a look at the 6hr XRPBTC chart from Binance. We had strong push higher on the Moneygram news this morning that was met by sellers at the 78.6% fib extension.
We have found new support at the 6hr 100 EMA (light blue) and the shorter-term EMA's have flattened with the 9EMA challenging the 50 EMA from below. A tightening accumulation pattern is also seen, but the high upper shadow suggests we make at least 1 additional test of support (hopefully on continued low volume) or establish a higher low before challenging the 78.6% extension again.