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XRP didn’t have a good 2019 by any means. The third-largest cryptocurrency, third to Bitcoin and Ethereum, actually fell by 50% against the dollar in 2019, dramatically underperforming Bitcoin’s 95% gain and a near-record run in the stock market and in real estate.
But, over the past few weeks, prospects for the leading altcoin have improved, with XRP’s technical and chart health improving as cryptocurrency prices have recovered across the board.
Related Reading: This Simple Analysis Says Bitcoin Will Jump 15% to $11,500 in Coming Weeks
According to a top Bitcoin trader, the price of XRP just closed above a key resistance level, setting the stage for a strong price surge as other technical indicators continue to flash positive signs.
XRP Passes Key Level, Boding Well for Bulls
Prominent market commentator TraderSmokey recently noted that XRP just closed a weekly candle above the key $0.28 resistance level, which is “huge” in his opinion. The reason: $0.28 has been a key price point for the cryptocurrency over the past few years, acting as macro support and resistance on a number of occasions.
The fact that it flipped $0.28 into a support on a weekly (long-term) basis means that XRP’s trend is turning positive once again.
$XRP USD Pair closed the weekly above 28 cents, that's huge imo.
I think XRPBTC could start performing better too now, simply because this is such a big level on the USD Pair. pic.twitter.com/VJkGTcc4fd
— Smokey 一目均衡表 (@SmokeyHosoda) February 10, 2020
The close above $0.28 isn’t the only thing that has XRP bulls extremely optimistic about the future.
Per previous reports from NewsBTC, trader Inmortal Technique revealed that XRP has simultaneously broken past two key long-term resistances: the downward resistance formed in September of 2018, which has constrained price action since, and a downtrend level that has stopped rallies over the past few months. The asset has also cleared smaller horizontal resistances around $0.25.
Related Reading: Here’s Why Bitcoin Price Could Explode 100% and Hit $20,000 by May
Also, Brave New Coin’s Josh Olszewicz recently laid out a confluence of reasons why XRP could soon break higher:
- XRP has broken above the Kumo band of the Ichimoku Cloud indicator, suggesting a bullish trend.
- The 200-day exponential moving average has been passed by the price of the asset. The 200-day EMA is often seen as a key reversal point for many assets.
- XRP is looking poised to invalidate a 700-day bearish pitchfork formation in the near future, meaning that there will be much less resistance and that the multi-year downtrend will have been broken.
Featured Image from Shutterstock
