Today appears to be an incredibly bullish day for all cryptocurrencies, tokens, and assets. That is remarkable, as such an uptrend was not expected by any means.
Particularly the XRP price is going through promising motions. A lot of traders will be happy to see things play out according to these lines, assuming the momentum is sustainable.
XRP Price Finally Breaks out
It is uncommon to see alternative markets note 10% gains these days. Particularly if those markets are in the market cap top 25. XRP Price watchers will be pleased with this recent 10% gain, as it wasn’t necessarily expected. Ripple’s native asset has been very bearish for some time now, yet it seems that period has come to an end.
After being suppressed below $0.2, the XRP price has now moved up to $0.214. A promising sign, but there’s still work to be done. Despite facing minor pushbacks along the way, it appears that this uptrend can be sustained. There’s not that much trading volume to go around, however.
Crucial trading pairs to keep an eye on are XRP/USDT and XRP/BTC. So far, things are heading in the right direction across both pairs. The XRP price momentum will largely hinge on how XRP/BTC performs. Not being pushed back will often lead to a sustainable uptrend.
XRP/BTC Technical Indicators
Bollinger Bands: Following this breakout, the Bollinger Bands have broken wide open. Some momentum was to be expected. The bands had been very tight for several days. When that happens, there will be a breakout, either bearish or bullish.
For XRP/BTC, it remains unclear how long this push can last. Reaching 2,796 satoshi is quite a feat. The high sits at 2,863, thus there some definite pushback by traders. A 10% gain is usually a good time to take profit and cash out accordingly.
Moving Averages: Short-term bullish elements in this regard. The XRP price jump allowed the MA50 and MA20 to move above the MA200 line. The last time this happened was on January 3rd following a period of sideways trading.
Remaining above the MA200 will not be easy, however. If the XRP/BTC pushback continues, these lines will uncross fairly quickly. Those trying to get in on the action may want to rethink their strategy at this point. When zooming out, all MA lines are still on a bearish slope, after all.
RSI: For XRP/BTC, the RSI seems to indicate a continuation of this trend .Do keep in mind that only applies to the short-term XRP price action. This asset is currently in overbought territory, thus a market reversal can occur rather easily.