Losing more than 50 percent in 2019, Ripple (XRP) has started to show signs of life in the past few weeks.
The third largest cryptocurrency with its total market value came from $ 0.175 seen in mid-December to $ 0.247 and is trading at $ 0.235 at the time of writing. Many analysts and traders claim that if XRP exceeds $ 0.25, XRP can reach even higher levels.
XRP Ready to Explosion
According to the well-known cryptocurrency trader TraderSmokey on Twitter, XRP can reach an important weekly level of $ 0.28, with a 14 percent increase if it exceeds the $ 0.25 level.
TraderSmokey shared a chart showing price points and important support / resistance points and stated that Ichimoku Cloud, which is an important technical indicator in the chart, is “partially on the rise” and has the momentum necessary for the price of XRP to rise further.
This is gold
— TraderSmokey (@SmokeyXBT) January 30, 2020
Golden Cross Formation
There is a combination of technical features supporting the idea that XRP can continue to take advantage of the bullish trend seen across the cryptocurrency market. Popular analyst TradingShot stated in a recent TradingView analysis that XRP is ready to reach higher levels. In addition, the analyst listed the technical factors to support his thoughts:
The moving average convergence (MACD) on the weekly chart has been on the rise,
The 50-week and 100-week simple moving averages (MA) may create a Golden Cross in the coming months,.786 Fibonacci recovery was recorded.
It is worth noting that despite the evidence that XRP will reach higher levels, altcoin’s price action depends on market leader Bitcoin.