Positive signs for the XRP course

XRP hasn't had a good 2019 year, far from it. The third largest cryptocurrency, after Bitcoin and Ethereum, actually fell 50% against the dollar in 2019, which is well below 95% gain in Bitcoin and almost record performance on the stock market and in real estate.

But, in recent weeks, the outlook for the main altcoin have improved, as the technical and graphical health of the XRP has improved with the general recovery in digital asset prices.

XRP course analysis

The XRP has successfully cashed in on the general market rally over the past 30 days. The Ripple token reflected a strong recovery from the downward momentum experienced last month. Over the past 30 days, the price of XRP has dropped from $ 0.2119 to $ 0.2824.

The XRP token started on January 11 at $ 0.2119. Second, the currency plunged 15.22% in value, dropping Ripple's price to the lowest point of the month, down to $ 0.2134 on January 24. From there, the token no longer showed any signs of major weakness and began a steady upward movement. In the past 15 days, the XRP price increased massively by 35.47% to $ 0.2891. However, at the time of writing, he has initiated a moderate price correction.

Ripple's current price of $ 0.2824 is 0.31% and 0.17% higher than its 20-day ($ 0.2815) and 50-day ($ 0.2819) exchange rate, respectively. According to the current dynamics, it could correct downwards until the next support of $ 0.2768. However, if it continues to trade in a higher range, the XRP price could soon reach $ 0.287.

XRP reaches key level

Commentator TraderSmokey recently noted that XRP has just closed a weekly candle above the key resistance level of $ 0.28, which he says is “huge”. The reason: $ 0.28 has been a key price for the XRP in recent years, acting as macro support and resistance on several occasions.

$ XRP USD Pair closed the weekly above 28 cents, that’s huge imo.

I think XRPBTC could start performing better too now, simply because this is such a big level on the USD Pair. pic.twitter.com/VJkGTcc4fd

– TraderSmokey (@SmokeyXBT) February 10, 2020

The fact that it has switched from $ 0.28 to support on a weekly (long-term) basis means that the XRP trend is once again becoming positive.

Meanwhile, Josh Olszewicz of Brave New Coin recently exposed a number of reasons why the XRP may soon reach higher levels:

• The XRP crossed the Kumo line ofIchimoku Cloud indicator, suggesting an uptrend.
• The exponential moving average (EMA, exponential moving average) of 200 days has been exceeded by the asset price. The 200-day EMA is often seen as a key turning point for many assets.
• The XRP looks set to invalidate a 700-day bearish formation in the near future, which means that there will be much less resistance and that the multi-year bearish trend will have been broken.

Tutorial: Buy Ripple XRP