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Ripple’s XRP Makes “Huge” Achievement, Setting Stage for Strong Price Surge

Nick Chong
Nick Chong
5 years ago
2 mins read
XRP surge explode higher

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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.
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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