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The ripple XRP mega breakout we were calling happened and it happened much faster than anyone expected. As we said yesterday:
However, SE, Ripple is able to go to the top & # 39; of the figure of .38 at any time in the following days / weeks, this development, if it occurred, could trigger its next advancement in .42 – .47 areas, representing a 30-40% shift from current levels. On the opposite side, the area .25 – .26 should offer potential short-term support.
XRP is now sitting at .51704 as we write this article this morning, representing 61% gains since we alerted our readers and members of our Global Elite newsletter.
Ripple XRP Mega Breakout
Ripple XRP's mega breakout is significant because it is the first time that XRP has exceeded the 50-day moving average since May. At the moment, RSI is approaching the 80, so we are in overbought territory and we expect the price to consolidate around the level from .42 to .47 before resuming its uptrend.
While some consider this opportunity an opportunity to shorten XRP, we are not of that field. While some may book some profits and use a trailing stop, any XRP integration with xRapid has the ability to create a huge move in XRP. As Travis Kling said this week on the Off the Chain podcast with Anthony Pompliano, XRP could be the fastest five-investor investor in today's cryptographic markets.
The overthrow is real
As my colleague Ali Qamar said yesterday:
Unlike other cryptocurrency projects, Ripple has some concrete partnerships with real financial institutions, but this sustained price action indicates that market confidence has actually returned to the project, as this price action does not continue due to a specific catalyst. [19659011] XRP spillover effect
The XRP rally has spread to other markets and has raised Bitcoin and Ethereum. Bitcoin has now exceeded its 50-day moving average and trades at 6720 at the time of writing this article. It is 50 days it is positioned around the 6600 level, which has been a serious resistance. Many were short from 6400 to 6500 and now have been forced to cover. With XRP continuing to build momentum, we try to test the next highest resistance level between 6950 and 7000. Furthermore, the RSI is still neutral at just over 50, signaling that there is much more room to run before entering the overbought territory. [19659007]
From the chart above, you can see that Bitcoin has made lows higher than the last time we tested the 6000 level. An interruption above 7600 would be a clear signal that the crypto-bear market would be really over. Bitcoin would therefore be above the 200 day moving average and many investors who would be on the sidelines would enter and we would have a new bull run.
Ethereum
Ethereum is still trading below the 50-day moving average as seen in the table below.
I still think Ethereum will lag behind Bitcoin since there was not much move in ETHBTC. The ETHBTC still has a long way to go to overcome the 50-day and 200-day moving averages.
Bottom line
XRP and Bitcoin seem destined to continue their journey higher. It will certainly be an interesting weekend and one of those we will watch.
Happy Trading!
~ iBC
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Disclaimer: This article should not be taken as and is not intended to provide investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. The author is long Bitcoin. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer
Image courtesy of Pexels
Charts courtesy of Trading view
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