- Ripple price is back in the green after consolidating the losses above $0.44.
- Reaction to a subtle double-top pattern is underway but the bulls have eyes set on $0.60.
Ripple is in the middle of a recovery journey after the slide that started on Monday this week. The cryptocurrency consolidated the losses above the vital support at $0.440 on Tuesday. XRP/USD is back in the green, in fact it has tested the resistance at $0.540 twice in less than 24 hours. As a result, Ripple has formed a subtle double top pattern as observed on the 15-minutes timeframe chart.
Google made an announced yesterday saying that it is updating its policy to allow regulated cryptocurrency exchange companies to run their adverts on its platforms come October 2018. The company joined other social media companies like Face and Google in banning crypto related ads in June this year. Facebook also amended its ad policies shortly after. The internet giant highlighted the policy changes on its website saying:
The Google ads policy on financial products and services will be updated in October 2018 to allow regulated cryptocurrency exchanges to advertise in the United States and Japan”¦Advertisers will need to be certified with Google for the specific country in which their ads will serve.”
The above news did not move the market in terms of price performance but it is positive especially for the exchanges, which are the main drivers of mass adoption in the cryptocurrency space. Ripple price is trading at $0.52 after reacting to the subtle double-top pattern mentioned in the first paragraph. Consequently, the price has dropped below the short-term trendline support, although the trend is somehow bullish and a retracement above $0.53 could be underway in the short-term. The key resistance is at $0.54 but the bulls will not rest until they brush shoulders with $0.6. On the other hand, several support areas are highlighted on the chart; at $0.51, $0.49 and the major support at $0.44.
XRP/USD 15-minutes chart
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