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Home Cryptocurrency news Bitcoin

Huge XRP Rally Triggers Key Indicator to Light Up For First Time in a Year

Tony Spilotro by Tony Spilotro
12 months ago
in Bitcoin, Cryptocurrency news, Ripple
Reading Time: 3min read
xrp indicator lights up crypto
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XRP has been rallying throughout the last week, pushing through downtrend resistance and is potentially ready to reclaim former highs.

The first step in an attempt at breaking above recent bear market rally highs is recapturing the 200-day moving average – a feat that XRP just achieved after the latest pump above.

XRP Recaptures 200-Day Moving Average Following Downtrend Breakout

Since the start of January, altcoins across the crypto market have been breaking through downtrend resistance and going on powerful rallies – some growing as much as 400% in a week’s time.

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But one of last year’s poorest performers, XRP, has continued to lag behind the rest of the altcoin market and Bitcoin.

Related Reading | XRP Breaks Out of Two-Year Downtrend Against Bitcoin and the Dollar

It’s only this past week where XRP broke out from downtrend resistance on both the USD and BTC trading pairs, causing the cryptocurrency to release built-up buying pressure and spring higher.

Upside targets could reach as high as $14 if the rally rises similarly to the last break of downtrend resistance.

But before that can happen, XRP needs to break through many levels of overhead resistance from each bear market rally top, and even before that occurs, XRP must hold above the 200-day moving average.

XRP just recaptured the critical trading indicator on its trading pair against Bitcoin, and doing so could be signaling a long-term trend change is brewing.

$XRP #Ripple daily – MA 200 recapture, first time since March of 2019#TheStandard pic.twitter.com/purFmZDCm4

— Cheds (@BigCheds) February 5, 2020

Why The 200-Day Moving Average Matters to Crypto Investors

The number three cryptocurrency by market cap just broke above the 200-day moving average for the first time since March 2019, when the cryptocurrency fell back into an extended downtrend against Bitcoin. The altcoin trading above this level suggests that it could outperform Bitcoin for the foreseeable future.

The 200-day moving average is a long-term trading indicator based on a formula using the average price across the last two-hundred days of price action. It’s often used by “smart money” institutional investors as a signal to the overall long-term health of an asset.

The idea is that if an asset is trading below the 200-day moving average, the asset is in a downtrend. But if the asset is trading above the indicator, it’s in an uptrend.

With XRP breaking out from downtrend resistance after two full years of a bear market, any signs that an uptrend could be forming could spark an extreme wave of FOMO.

Related Reading | Ready For Liftoff: Two-Year Downtrend Breakout Could Lead to $14 XRP

Considering the fact that XRP rose as much as 6,000% in the past in a matter of weeks, crypto investors will be watching closely for any sudden spikes, to ensure they don’t miss out on what could be life-changing wealth.

Featured image from Shutterstock
Tags: 200-Day Moving AveragebitcoinRipplexrp
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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