Ripple XRP on the rise, nearing its next break
14 Feb 2020
Ripple has experienced a steep rise in buying interest over the past two days, over the $0.2900 resistance. As such, XRP surged above the $0.3000 and $0.3200 resistance levels.
In addition, as reported by News BTC, there was a close above the $0.3200 point and the 100 hourly simple moving average. The price subsequently tested a major resistance area near $0.3400-$0.3500.
The report adds that Ripple had a robust selling interest near $0.3400 and a new yearly high was formed near $0.3399.
According to a Coin Speaker report, Ripple’s next resistance point stands at $0.3248. Many analysts are of the opinion that the coin could soon reach a record price rally to a higher range from the current trading price.
Famous crypto trader Luke Martin believes the XRP price should be some 30% higher than it is, stating on Twitter: “XRP should be around 30% higher. Every other major altcoin has reached the neckline. Most already had their breakout.”
Another renowned trader, Smokey, stated that XRP’s USD trading pair is coming out of a bullish diamond pattern and forecasts the coin to start catching up to other major altcoins.
In addition, the price of the asset has passed the 200-day exponential moving average, typically seen as a key reversal point. According to Brave New Coin’s Josh Olszewicz, the cryptocurrency 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.”