XRP by no means had a very good 2019. The third largest cryptocurrency, in third place after Bitcoin and Ethereum, really fell 50% in contrast to the Greenback in 2019, surpassing the 95% acquisition of Bitcoin and a near record-breaking run on the Existing market and real estate.
Over the past few weeks, however, the outlook for the main altcoin has improved, with the technical and charting waves of XRP improving as cryptocurrency costs rebounded across the board.
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In line with a top bitcoin trader, XRP’s value simply closed above a major resistance level, setting the stage for a robust rise in value while various technical indicators flashed bullish indicators.
XRP passes key grades, good for bulls
Respected market commentator TraderSmokey recently ensured that XRP simply closed a weekly candle above the key resistance level of $ 0.28, which it believes is “huge”. The rationale: $ 0.28 has been a key value for the cryptocurrency in recent years, acting as macro support and resistance in many events.
The truth that it turned $ 0.28 straight into support on a weekly (long term) basis shows that the pattern of XRP is once again bullish.
$ XRP The USD pair closed above 28 cents for the week, which is huge.
I believe that XRPBTC could also perform better now just because it’s such a big step on the USD pair. pic.twitter.com/VJkGTcc4fd
– TraderSmokey (@SmokeyXBT) February 10, 2020
The close above $ 0.28 isn’t the only factor making the XRP bulls extraordinarily optimistic about the future.
According to previous reviews from Fintech Zoom, dealer Inmortal Approach revealed that XRP simultaneously damaged the two previous major long-term resistances: the downward resistance formed in September 2018 that has constrained value movement since then, and a downtrend phase that has halted rallies in recent months. The asset also cleared minor horizontal resistance around $ 0.25.
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Plus bold new coins Josh Olszewicz just recently set out a confluence of the reason XRP could get bigger fast:
- XRP has damaged above the Ichimoku cloud indicator’s kumo band, suggesting a bullish pattern.
- The 200 day exponential transfer common was passed through the value of the asset. The 200-day EMA is typically viewed as an important reversal for many assets.
- XRP is attempting to void a 700 day bearish pitchfork formation in the near future, which means there may be much less resistance and the multiyear downtrend could be damaged.
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